Moody’s downgrades AAC Holdings

Moody’s Investors Service said it downgraded AAC Holdings, Inc.’s corporate family rating to Ca from Caa2. The downgrade follows AAC’s announcement it filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code, Moody’s said.

The agency also downgraded AAC’s senior secured ratings to Ca from Caa2. Moody’s affirmed AAC’s D-PD probability of default rating. The SGL-4 speculative grade liquidity rating is unchanged.

Moody’s revised the negative outlook to stable.

“The stable outlook reflects Moody’s view that the current ratings adequately reflect AAC’s recovery prospects,” the agency said in a press release.

Moody’s said it plans to withdraw its ratings for AAC.

© 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.