E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 6/1/2006 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily and Prospect News High Yield Daily.

Moody's downgrades CSK Auto

Moody's Investors Service said it downgraded all long-term ratings of CSK Auto, Inc. and lowered the company's speculative grade rating to SGL-4 from SGL-2.

Ratings downgraded and left on review for further possible downgrade include the corporate family rating to B1 from Ba3, the $100 million senior unsecured convertible notes due 2025 to B1 from Ba3, the $125 million senior unsecured notes due 2025 to B1 from Ba3 and the $225 million senior subordinated notes due 2014 to B3 from B2.

Moody's said the downgrade follows CSK's recent announcement that due to the continuing audit committee-led investigation into potential accounting errors and irregularities, it is unlikely to file its financial statements with the SEC by the July 2 deadline for filing financial statements as required by its convertible debt instruments and its credit agreement lenders.


© 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.