Moody's cuts MXenergy PD to Ca

Moody's Investors Service said it confirmed MXenergy Holdings Inc.'s Caa3 corporate family rating, downgraded its probability-of-default rating to Ca from Caa3 and confirmed the Ca rating on its floating-rate senior notes due 2011.

The outlook is negative.

The actions reflect MXenergy's private exchange offer for its floating-rate senior notes due 2011, which the agency said is tantamount to a distressed exchange and is a limited default when the offer closes, according to the agency.

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