Moody’s adds LD to Mobileum rating

Moody's Investors Service said it appended the limited default (/LD) designation to Matrix Parent, Inc.'s (Mobileum Inc.) probability of default rating, changing it to Caa3-PD/LD from Caa3-PD, to reflect a limited default after the company missed the interest payment on the senior secured second-lien term loan, after the five business day grace period ended.

The limited default designation will remain until the company resolves the missed interest payment.

However, the agency said Mobileum's Caa3 corporate family rating is unaffected and so are its Caa2 ratings on the senior secured first-lien bank credit facilities and Ca rating on the senior secured second-lien term loan.

The outlook is unchanged at negative.

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