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Moody's cuts hibu PDR, CFR
Moody's Investors Service said it downgraded hibu plc's probability of default rating to D-PD and its corporate family rating to C from Ca.
The outlook was changed from negative to stable.
The change in probability of default rating to D-PD follows the company's July 25 announcement that it agreed terms with a coordinating committee of lenders for a proposed debt restructuring. The company is currently in payment default on its about £2.3 billion of bank debt, which is the sole financial debt in the capital structure.
The downgrade of the corporate family rating to C reflects Moody's view that the proposed restructuring will result in effective creditor losses exceeding 70%, the agency said.
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