Moody's drops Truvo probability of default

Moody's Investors Service said it downgraded Truvo Subsidiary Corp.'s probability of default rating to D from Ca.

The corporate family rating remains unchanged at Ca and the ratings for the €395 million and $200 million senior notes due 2014 also remain unchanged at C, the agency said.

The outlook is stable.

The probability of default rating downgrade to D is prompted by Truvo's filing for an insolvency petition on July 1 in the United States Bankruptcy Court for the Southern District of New York, Moody's noted.

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