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Moody's downgrades Avaya
Moody's Investors Service said it downgraded Avaya Holdings Corp.'s probability of default rating to D-PD from Caa2-PD following the announcement the company filed for relief under Chapter 11 of the U.S. Bankruptcy Code on Tuesday. The agency also lowered Avaya's corporate family rating to Ca from Caa2.
Concurrently, Moody's cut subsidiary Avaya Inc.'s senior secured debt instrument ratings to Ca from Caa2. Avaya's speculative grade liquidity rating remains SGL-4. The outlook remains negative.
Moody's said it will withdraw the ratings due to Avaya's bankruptcy filing.
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