Velocity Vehicles debt rating slashed for 2nd time in 3 months

Velocity Vehicles, a nationwide provider of truck sales and service, had its debt rating cut two notches by Moody’s last week, a larger-than-usual reduction a few months after a similar two-step reduction by a competing agency. While a cut of two notches at one time is not unprecedented, it is often a sign of rapidly weakening finances. The new rating of B3 from Moody’s is considered equivalent to a B- rating from S&P Global Ratings.  S&P Global has had that rating on Velocity Vehicles since December, w ...