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Moody's downgrades Cardtronics Inc.

Moody's downgraded Cardtronics Inc.'s corporate family rating to Ba3 from Ba2 and its probability of default rating to Ba3-PD from Ba2-PD.

The ratings' outlook is stable.

Moody's said the ratings reflect its concern over more competitive pressure and falling prices in two of the company's major markets. Cardtronics is already struggling with secular headwinds, the rating agency wrote. In Australia, the elimination of ATM withdrawal fees is expected to directly lower the company's revenue there going forward.

The company reported a third-quarter net loss due largely to the removal of the fees.