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Moody's drops Terphane to Caa2
Moody's Investors Service said it downgraded corporate family and probability-of-default ratings of Terphane Holding Corp. to Caa2 from B3 and its$76.5 million senior secured notes due 2009 to Caa2 (LGD4, 57%) from B3 (LGD5, 74%) and $6.5 million senior secured notes due 2009 to Caa2 (LGD4, 57%) from B3 (LGD5, 74%).
The outlook is negative.
Moody's said the downgrade reflects the continued deterioration in credit metrics and operating environment and lack of liquidity.
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