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Prospect News home > News index > List of issuers W > Headlines for WCI Communities, Inc. > News item |
Moody's lowers WCI Communities
Moody's Investors Service said it lowered the probability of default rating of WCI Communities to D from Caa3/LD following its filing for protection under Chapter 11 of the US Bankruptcy Code.
Subsequent to this rating action, Moody's said it will withdraw all of WCI Communities' ratings.
The agency said that the following specific ratings were taken: corporate family rating, downgraded to Ca from Caa3, probability of default rating, downgraded to D from Caa3/LD, existing senior sub debt ratings downgraded to C (LGD5, 73%) from Ca (LGD5, 80%), up to $400 million of prospective senior secured (second-lien) notes, rating withdrawn and speculative-grade liquidity rating, affirmed at SGL-4.
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