Moody's drops Golden Crossing loan

Moody's Investors Service said it downgraded Golden Crossing Finance Inc. underlying rating for the backed senior secured bank facilities to B1 from Ba1.

The outlook is developing.

This concludes the review for possible downgrade that was initiated on April 16, the agency said.

According to Moody's, the downgrade reflects the lack of final resolution with respect to a cross default provision in Golden Crossing's loan agreement, which could be triggered under certain circumstances related to one of the monoline insurers.

© 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.