Moody's rates Sorenson CFR Caa2, loans B3

Moody's Investors Service said it assigned Sorenson Communications, Inc. a Caa2 corporate family rating, a Caa2-PD probability of default rating and B3 ratings to the proposed senior secured first-lien instruments.

The outlook is stable.

Sorenson filed for Chapter 11 bankruptcy protection on March 3 and its plan of reorganization was approved on April 10. Moody's expects that Sorenson will emerge from bankruptcy on or about May 1.

The ratings reflect the debt structure that is expected to be in place upon the company's emergence from bankruptcy, the agency said.

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