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Moody's downgrades Diebold Nixdorf amid challenging ATM market environment

Moody's has downgraded Diebold Nixdorf Inc.'s corporate family rating to B1 from Ba3 following weaker-than-expected operating performance in 2017.

The rating agency also noted that the company's debt leverage remains elevated since completing the acquisition of Wincor Nixdorf AG.

The outlook is stable.

Moody's said Diebold Nixdorf's B1 corporate family rating is also constrained by ongoing execution challenges in the company's restructuring program and a challenging operating environment for the ATM market.

These risks are somewhat mitigated by the company's expansive geographic footprint and leading market positions across its financial self-service and retail point-of-sale business. Additionally, the company's credit profile should benefit from the ongoing sales mix shift toward higher-margin software and services offerings that should partially mitigate challenges in the more mature hardware business, Moody's said.