Moody's lowers Spirit Finance

Moody's Investors Service said it downgraded Spirit Finance Corp.'s corporate family rating to Caa1 from B2 and its senior secured term loan to Ca from B3. Ratings remain on review for downgrade.

The action reflects Spirit's challenged liquidity due to the near-term maturity of its warehouse line and the on-going sales of assets to repay outstanding amounts, the agency said.

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