Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of TMK Hawk Parent, Corp.Global Credit Research - 28 Jan 2021New York, January 28, 2021 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of TMK Hawk Parent, Corp. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review discussion held on 22 January 2021 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.Key rating considerations are summarized below.TMK Hawk Parent, Corp.'s (TriMark) Caa2 credit profile reflects our view that its capital structure is unsustainable given its very high financial leverage, and our expectation for negative free cash flow generation over the next 12-18 months. TriMark has end market concentration in the foodservice/restaurant sector and the majority of its revenue relates to equipment sales which tend to exhibit some level of cyclical client spending. The deteriorating operating environment due to the coronavirus outbreak will continue to negatively impact demand at least through the current outbreak. However, the rating also reflects the company's strong market position in the foodservice equipment and supplies distribution industry, its relatively recurring revenue stream from supply replenishment and equipment replacement, and low capital expenditure requirement. TriMark's weak liquidity reflects its relatively good cash balance offset by its high interest burden and negative free cash flow expected over the next 12 months that will erode cash on hand. Governance factors are a credit risk primarily related to the company's aggressive financial policies under private equity ownership, including the recent recapitalization transaction that subordinated existing senior secured lenders, and its high financial leverage.This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.The principal methodology used for this review was Distribution & Supply Chain Services Industry published in June 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.This announcement applies only to EU rated, UK rated, EU endorsed and UK endorsed ratings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced above to the extent necessary, if they are part of the same analytical unit.This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history. Oliver Alcantara Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 John E. Puchalla, CFA Associate Managing Director Corporate Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. 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