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Moody's cuts, affirms Simmons
Moody's Investors Service said it downgraded Simmons Co.'s probability-of default rating to D from Ca/LD following Monday's announcement that it had filed for bankruptcy protection.
The agency affirmed the Caa3 corporate family rating, senior secured revolver due 2009 and senior secured term due 2011 at B2 (LGD1, 5% from 9%), senior subordinated notes due 2014 at Caa3 (LGD3, 31% from 33%), $269 million senior discount notes due 2014 at Ca (LGD4, 52% from 55%) and $300 million Super Holdco toggle loan at C (LGD5, 76% from 78%).
The outlook is negative.
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