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Cyxtera DC Holdings, Inc. -- Moody's downgrades Cyxtera's CFR to B2; outlook stable

Efforts to successfully establish standalone operating systems and processes and rebuild the company's sales force were compounded by a delayed deal closing, as well as distractions caused by CenturyLink's merger with Level 3 Communications, Inc. The result has been weaker than expected revenue, margin and bookings trends and delayed cost reduction efficiencies that have extended Moody's expectations for leverage (Moody's adjusted) declining to 5.5x, a level sufficient to support our previous B1 CFR, into year-end 2021 from the previous expectation of year-end 2019. The outlook is stable.