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Horizon Global Corporation -- Moody's downgrades Horizon's CFR to Caa2 from B3; outlook remains negative

Moody's Investors Service ("Moody's") downgraded Horizon Global Corporation's ("Horizon") Corporate Family Rating (CFR) to Caa2 from B3, its Probability of Default Rating to Caa2-PD from B3-PD and the senior secured first lien term loan rating to Caa1 from B2. The company's Speculative Grade Liquidity is affirmed at SGL-4.