Moody's lowers Gallery Media

Moody's Investors Service said it downgraded the corporate family rating of Gallery Media Group Ltd., bond rating of Gallery Capital SA and probability-of-default rating from Caa2 to Caa3, and placed all ratings on review for downgrade.

The action comes after the company said it appointed advisers for a potential financial restructuring, according to the agency.

The downgrade is triggered by the increased probability of default combined with concerns over the weak prospects of recovery, Moody's said.

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