Moody’s Ratings downgraded Crane NXT Co.’s senior secured debt to Ba1 from Baa3 on Monday, citing a capital structure with a high proportion of secured obligations that reduces recovery expectations for senior creditors.
The credit rating agency affirmed Crane NXT’s corporate family rating at Ba1, its probability of default rating at Ba1-PD, and its senior unsecured notes due 2048 at Ba2. Moody’s also maintained the company’s speculative grade liquidity rating at SGL-1 and kept the outlook stable.
The downgrade follows the integration of Antares Vision S.p.A., which Crane NXT acquired on March 31, 2026. Moody’s noted that the company’s operating performance remains robust and leverage low, though the elevated secured debt load has compressed recovery prospects for senior secured creditors.
Crane NXT’s capital structure includes a $800 million revolving credit facility due 2030, a GBP 269.5 million term loan A, a recently upsized EUR 480 million term loan B, and $200 million in senior secured notes, all ranking pari passu.
Moody’s projects leverage to remain moderate at about 2.7 times debt-to-EBITDA by fiscal year-end 2027, supported by expected free cash flow of nearly $200 million in both 2026 and 2027. The company held $231 million in cash as of June 30, 2026, and Moody’s expects liquidity to remain strong over the next 12 to 15 months.
