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Moody's: ACIH probability of default at Ca/LD
Moody's Investors Service said it changed ACIH, Inc.'s probability of default rating to Ca/LD from Ca and affirmed all other ratings.
The agency said that the ratings downgrade reflects Atrium Cos., Inc. announcement that it did not make certain interest payments that were due on May 11 under its credit agreement and that it entered into a forbearance agreement.
Moody's said it considers the missed interest payment to be a limited default and will maintain the LD designation until the default is resolved.
Affirmed ratings include the company's 190 million senior subordinated notes due 2012 affirmed at C (LGD5, 88%); $42.3 million senior subordinated notes due 2012 affirmed at C (LGD5-73%); $334.5 million guaranteed senior secured term loan B, due 2012, affirmed at Caa3 (LGD3, 31%); and $45.5 million senior secured revolving credit facility, due 2011, affirmed at Caa3 (LGD3, 31%).
The outlook is negative.
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