Moody’s lowers Outerstuff

Moody’s Investors Service said it downgraded Outerstuff LLC’s probability of default rating to Ca-PD/LD from Caa2-PD and corporate family rating to Ca from Caa2.

Concurrently, the agency cut the rating on the company’s senior secured term loan due July 2021 to Ca from Caa3.

“The downgrades reflects Outerstuff’s missed term loan principal and interest payments that were due March 28, 2020, and it entering into a forbearance agreement with term loan lenders on April 6, 2020. The limited default ‘LD’ designation appended to Outerstuff’s PDR reflects that the missed payments constitute a default under Moody’s definition, despite entering into a forbearance agreement. The limited default designation will remain until the company resolves the missed payments,” the agency said in a press release.

The outlook remains negative.

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