Moody's downgrades Deerfield's Kinetek

Kinetek Inc., a manufacturer of electric motors, gears and electronic motion controls, has experienced a "precipitous drop in demand across the company's key end-markets," according to Moody's Investors Service.

Yesterday, Moody's lowered the corporate rating by two grades to Caa1. The second-lien term loan became Caa2.

The Deerfield-based company had $373 million revenue for a year ended in March.