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31.08.2015 19:50:00
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Sun Products Corporation -- Moody's Says Sun Products' Preferred Redemption is Credit Negative
New York, August 31, 2015 -- Moody's Investors Service said The Sun Products Corporation's (Sun Products) announcement that it will utilize $104.2 million of cash to partially redeem its $262 million preferred stock is credit negative because it will reduce the company's liquidity and direct funds to preferred holders that could otherwise be used to repay debt or reinvest in the operations. The company's B3 Corporate Family Rating and negative rating outlook are not affected.
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