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Aug 25, 2:20 AM
Moody’s Ratings downgraded Crane NXT’s senior secured debt to Ba1 from Baa3 on Monday, citing the high level of secured debt in its capital structure and lower-than-expected recovery values. Moody’s affirmed the company’s Ba1 corporate family and Ba1-PD default probability ratings, as well as its Ba2 rating on 2048 senior unsecured notes. The SGL-1 speculative-grade liquidity rating and stable outlook were unchanged.
Crane NXT’s secured debt includes an
$800 million revolving credit facility, a £269.5 million senior secured Term Loan A, a recently expanded €480 million Term Loan B and
$200 million of senior secured notes, all ranking pari passu.
Moody’s said Crane NXT’s Ba1 corporate rating reflects solid operating performance and low leverage as the company integrates Antares Vision, acquired in March 2026. The agency expects the company to maintain financial discipline, with leverage around 2.7x debt/EBITDA by fiscal 2027 while pursuing organic and acquisition-driven growth.
$CXT
