The troubled international financial services company Finova Group which last week announced that they would be selling their factoring business to GMAC Commercial Credit, revealed their disappointment yesterday that Moody’s Investors Service had downgraded the company’s long and short term debt ratings.
President and CEO Matt Breyne said yesterday “We are disappointed to learn of today’s actions by Moody’s, particularly in the light of the fact that our evaluation of strategic alternatives, including the sale of the company, is actively continuing. While the financial impact of the downgrading is under review, Finova continues to meet debt maturities and to fund commitments to existing customers and when appropriate, new businesses.”
Moody’s have declined to issue a quote regarding their reasons for the downgrade.
Source: Reuters
