Moody's: Fender Musical Changed to Negative on Kaman Music Buy

From CNN Money:

Moody's Investors Service has revised Fender Musical Instrument Corp's rating outlook to negative, following the company's proposal of a 117 mln usd debt financed acquisition of US-based Kaman Music Corp, a unit of Kaman Corp. (NASDAQ:KAMN)

The negative outlook principally reflects Moody's concern that consumer spending will continue to soften in the near-term and that Fender may be precluded from significantly delevering as they have done in the past, Moody's said.

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