Moody's downgrades Steelcase's notes to Ba2, assigns Ba1 CFR, concluding review; outlook is negative
Moody's Investors Service ("Moody's") downgraded Steelcase Inc.'s ("Steelcase") senior unsecured notes rating to Ba2 from Baa3. Concurrently, Moody's assigned Steelcase a Ba1 Corporate Family Rating ("CFR"), a Ba1-PD Probability of Default rating and a SGL-2 Speculative Grade Liquidity (SGL) rating....Steelcase provides furniture settings, user-centered technologies and interior architectural products. The company's furniture portfolio includes panel, fence and beam-based furniture systems, storage, fixed and height-adjustable desks, benches and tables and complementary products. The company's seating products include task chairs and seating for specific vertical markets. The company's technology solutions support group collaboration by integrating furniture and technology. The company's interior architectural products include full and partial height walls and architectural pods. The company also provides services, including workplace strategy consulting, data-driven space measurement, and lease origination services.
Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:
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