Moody's Investors Service (Moody's) has downgraded Transcom Holding AB's corporate family rating (CFR) to B3 from B2 and probability of default rating (PDR) to B3-PD from B2-PD. The outlook on the ratings is stable. Moody's rating rationale is mainly driven by a larger than expected revenue decline and higher than projected operational restructuring charges, and Transcom's liquidity position being negatively impacted by restructuring charges, working capital, and acquisitions.