Moody’s drops Instant Brands

Moody's Investors Service said it downgraded Instant Brands Holdings Inc.'s probability of default rating to D-PD from Caa2-PD and plans to withdraw its ratings following the company's announcement it filed for protection under Chapter 11 of the U.S. Bankruptcy Code on Monday.

At the same time, Moody's downgraded Instant Brands' corporate family rating to Caa3 from Caa2 and the company's senior secured first-lien term loan to Ca from Caa3.

The outlook remains negative.

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