Moody’s adds LD to West Marine, withdraws ratings

Moody's Investors Service said it appended a limited default (LD) designation to the Caa2-PD probability of default rating of Rising Tide Holdings, Inc. (West Marine), changing it to Caa2-PD/LD following the company's distressed exchange of all of its existing Moody's-rated funded debt into equity.

Subsequently, Moody's withdrew West Marine's ratings, including its Caa2 corporate family rating and Caa2-PD/LD probability of default rating, as well as its Ca backed senior secured first-lien term loan, C backed senior secured first-lien term loan and C backed senior secured second-lien term loan ratings.

The outlook was changed to rating withdrawn from negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.