| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for New Millennium Holdco Inc. > News item |
Moody’s cuts New Millennium
Moody's Investors Service said it downgraded the probability of default rating of New Millennium HoldCo, Inc. to D-PD from Caa3-PD, the corporate family rating to C from Caa3 and the senior secured term loan to C from Caa3.
The outlook was revised to stable from negative.
The agency said the downgrade reflects that New Millennium missed principal and interest payments due March 31 and did not make those payments within the five-day grace period, which Moody's considers a default.
The downgrade of the corporate family rating and instrument ratings reflects Moody's expectation of weak recovery following the payment default, the agency added.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.