Moody's drops Mrs. Fields probability to D

Moody's Investors Service said it downgraded the probability of default rating of Mrs. Fields Famous Brands to D from C.

At the same time, the rating agency said it affirmed Mrs. Fields' corporate family rating of Caa3 and senior secured notes rating of Caa3.

The downgrade to D was prompted by the recent announcement that the company and certain of its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code, Moody's said.

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