Moody’s downgrades David's Bridal

Moody's Investors Service said it downgraded David's Bridal, Inc.'s corporate family rating to Ca from Caa3, and probability of default rating to Ca-PD/LD from Caa3-PD.

Concurrently, Moody's downgraded the senior secured term loan rating to Caa3 from Caa2, and the senior unsecured notes rating to C from Ca.

The outlook remains negative.

“The downgrades follow the deemed limited default by virtue of a missed interest payment on the senior secured notes and subsequent expiration on Nov. 14, 2018 of the 30-day grace period without a payment being made,” the agency said in a news release.

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