Moody's lowers Genesys

Moody's Investors Service said it lowered the senior secured debt of the Genesys group to B1 from Ba3.

The downgrade reflects a revision to the company's starting capital structure from what was previously anticipated in which secured debt will now comprise a greater portion of the debt, with a corresponding reduction in the amount of unsecured debt, Moody's said.

The debt will be issued by three co-borrowers, including Greeneden U.S. Holdings II, LLC.

The company's B2 corporate family and probability of default ratings are unchanged.

The changed structure results in an increase in secured claims, combined with a corresponding reduction in the cushion of unsecured debt, resulting in a higher expected loss on the senior secured debt as reflected by the B1 rating, Moody's said.

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