Moody’s cuts Southcross Holdings, loan

Moody's Investors Service said it downgraded Southcross Holdings Borrower LP's probability of default rating to D-PD from Ca-PD following the March 28 announcement that it filed a prepackaged plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code.

The agency also downgraded Southcross Holdings' corporate family rating to Ca from Caa3 and senior secured term loan rating to Ca from Caa3.

The SGL-4 speculative grade liquidity rating was withdrawn.

The outlook remains negative.

Moody's will withdraw all of Southcross Holdings' ratings and outlook in the near future.

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