Moody's lowers Linens

Moody's Investors Service said it downgraded Linens 'n Things, Inc.'s ratings, including the probability of default rating to Ca, and continued the review for further possible downgrade.

Moody's said it also affirmed Linens' speculative-grade liquidity rating at SGL-4.

The downgrade of Linens' probability of default is prompted by Linens' announcement on April 15, 2008 that it had decided to defer its quarterly interest payment due on April 15 to the holders of the senior secured floating rate notes due 2014, the agency noted.

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