Moody's rates Equinox, notes B3, lowers notes to Caa1

Moody's Investors Service said it assigned ratings to Equinox Holdings, Inc. in connection with its acquisition by The Related Companies, LP.

Moody's noted it assigned a B3 rating to the $290 million senior note offering, a B3 corporate family rating and a stable outlook.

Moody's added downgraded the rating on Equinox's $160 million senior notes due 2009 to Caa1 from B3, concluding the review for downgrade initiated on Dec. 20.

The Caa1 rating on the remaining senior notes due 2009 reflects the lack of ongoing protection for note holders, given that the notes were stripped of all credit support and covenant protection, Moody's said.

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