Moody’s cuts Gibson on bankruptcy

Moody's Investors Service said it downgraded Gibson Brands, Inc.'s probability of default rating to D-PD from Caa3-PD following the company's Chapter 11 filing on May 1.

The corporate family rating was downgraded to Ca from Caa3.

The outlook remains negative.

Shortly following this action, Moody's said it will withdraw all ratings and the rating outlook of Gibson consistent with the agency’s practice for companies operating under the purview of the bankruptcy courts wherein information flow typically becomes much more limited.

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