Floatel International has seen several of its ratings downgraded by Moody’s over concerns about weak liquidity.

The ratings agency has trimmed its corporate family rating (CFR) to Caa1 from B2 and probability of default rating (PDR) to Caa1-PD from B2-PD.

Moody’s has also downgraded the rating on the company's $650m senior secured term loan B due 2020 borrowed by Floatel to Caa1 from B2.