Telematics and ELD provider Omnitracs has had its debt rating downgraded by both S&P Global Ratings and Moody’s because of its acquisition of SmartDrive.
But the news wasn’t all negative. The downgrade essentially comes down to math, with new debt taken on by Omnitracs pushing its debt metrics to a level that essentially required a downgrade. But both S&P Ratings and Moody’s were mostly positive in discussing the long-term impact of the Omnitracs purchase.
The reports on the downgrade also...
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