| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers G > Headlines for Ginn-LA CS Borrower, LLC > News item |
Moody's drops Ginn-LA
Moody's Investors Service said it lowered the corporate family rating of Ginn-LA CS Borrower, LLC to Ca from Caa3 and its probability of default rating to D from Caa3 in light of the company's failure to make its required June 30 interest and principal payments within five business days of the payment due date.
Ginn has reached a 30 day forbearance agreement and is actively negotiating with lenders, the agency said.
Moody's said that the rating on first-lien bank credit facility was lowered to Caa3 (LGD3, 39%) from Caa2 (LGD3, 40%) and the rating on second-lien bank credit facility was changed to Ca (LGD6, 90%) from Ca (LGD6, 91%).
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.