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Moody's ups Seven Seas' notes
Moody's Investors Service said it upgraded Seven Seas S DE RL's $225 million 9 1/8% second-lien notes due 2019 to B2 from B3.
The corporate family and probability of default ratings remain unchanged at B2.
The outlook is stable.
Moody's said the upgrade reflects the reduction in first-lien debt of roughly $70 million during the past 18 months along with the accretion of payment in kind subordinated debt.
Combined, these two factors resulted in a decrease in debt that ranks ahead of the second-lien notes and an increase in debt that ranks junior to the second-lien debt, the agency said.
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