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Prospect News home > News index > List of issuers G > Headlines for Great Atlantic & Pacific Tea Co., Inc. (A&P) > News item |
Moody's cuts A&P
Moody's Investors Service said it downgraded Great Atlantic & Pacific Tea Co., Inc.'s probability of default rating to D from Caa3, corporate family rating to Caa3 from Caa2, senior secured notes to Caa2 (LGD 3, 37) from Caa1 (LGD 2, 21%), senior convertible notes to Ca (LGD 5, 74%) from Caa3 (LGD 4, 53%), senior unsecured notes to Ca (LGD 5, 74%) from Caa3 (LGD 4, 53%), senior unsecured shelf to provisional Ca (LGD 5, 74%) from provisional Caa3 (LGD 4, 53%), subordinated shelf of provisional Ca (to LGD 6, 97% from LGD 5, 85%) and preferred shelf to provisional C (LGD 6, 98%) from provisional Ca (LGD 5, 89%).
The downgrade was prompted by news that the company voluntarily entered Chapter 11 in the United States Bankruptcy Court prior to its next scheduled interest payment.
Moody's also said it will withdraw all of the ratings because the company has entered bankruptcy, along with its junior subordinated shelf rating of provisional Ca (LGD 6, 97% from LGD 5, 85%) and its speculative grade liquidity rating of SGL-4.
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