Moody's downgrades hibu

Moody's Investors Service said it downgraded the corporate family rating of hibu plc to Ca from Caa3 and its probability of default rating to Ca/LD.

The outlook remains negative.

Moody's said the action and the assignment of the /LD to the probability of default rating follows the payment default on the un-extended portion of the term loan B tranche that was due on Oct. 29, and the end of the three days grace period.

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