Moody's cuts Coach America

Moody's Investors Service said it lowered the probability of default rating of Coach America Holdings, Inc. to D from Caa1 and the corporate family rating to Ca from Caa1.

Moody's said the downgrade follows the company's Jan. 3 announcement that Coach America and its subsidiaries have filed a voluntary petition for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware.

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