Moody's lowers Cleveland Unlimited

Moody's Investors Service said it downgraded the rating for the secured bonds rating of Cleveland Unlimited Inc. to Caa2 from Caa1.

Moody's said it also downgraded Cleveland Unlimited's corporate family rating to Caa2 from Caa1, its probability of default rating to Caa3 from B3 and changed the outlook to negative.

The downgrades reflect heightened default risk, prospects for less than full recovery in a distress scenario and weak liquidity. Revol's SGL-4 liquidity rating, which Moody's said it affirmed, continues to capture the latter factor.

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