Moody’s slashes Brinks Home

Moody’s Investors Service said it downgraded the corporate family rating for Monitronics International, Inc. (Brinks Home) to Ca from Caa1 and its probability of default rating to C-PD from Caa1-PD. The agency also cut the ratings on the senior secured term loan to Ca from Caa2 but affirmed the B1 rating on the Brinks’ senior secured super-priority debt.

The downgrades follow the company reporting it plans to file for protection under Chapter 11 of the U.S. Bankruptcy Code, Moody’s said.

On Tuesday, in a separate press release, Monitronics said it entered into a restructuring support agreement with lenders holding about 78% of its funded debt and the holders of the majority of its equity.

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