Moody's downgrades Unitek

Moody's Investors Service said it lowered all of Unitek Global Services, Inc.'s credit ratings by two notches, including its corporate family rating to Caa1 from B2.

Moody's also placed all credit ratings under review for further downgrade.

Unitek's speculative grade liquidity rating was lowered to SGL-4 from SGL-3.

Moody's said the actions follow the company's announcement that as a result of revenue recognition issues at its Pinnacle Wireless division, Unitek's previously issued consolidated financial statements dating back to the interim period ended Oct. 1, 2011 should no longer be relied upon, including with regards to the effectiveness of internal control over financial reporting.

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