Moody's cuts Landmark

Moody's Investors Service said it downgraded the debt ratings of Landmark FBO, LLC, including the corporate family and probability of default ratings to Caa2 from Caa1.

The outlook is negative.

The downgrades reflect Landmark's weakened financial profile given the impact of sharp declines in general aviation activity since last year and Landmark's high financial leverage and poor liquidity, Moody's said.

Earnings have fallen short of expectations since Landmark commenced operations in a leveraged transaction which was completed in early 2008, the agency added.

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