Moody's downgrades Truvo

Moody's Investors Service said it downgraded the corporate family rating of Truvo Subsidiary Corp. to Caa3 from Caa2 and its probability-of-default rating to Caa2 from Caa1 and to Ca from Caa3 the ratings of the €395 million and $200 million senior notes due 2014.

The outlook is negative.

The downgrade reflects concerns about the group's challenging operating environment and the resulting continuing impact on its financial risk profile, according to the agency.

Ratings also reflect concerns about the company's capital structure, which Moody's said it considers unsustainable.

The Caa3 corporate family rating reflects expectations of below-average family recovery, the agency said.

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