Moody’s lowers Tacora

Moody's Investors Service said it downgraded Tacora Resources Inc.'s probability of default rating to D-PD from C-PD. The agency concurrently affirmed Tacora's corporate family rating at C and senior secured notes rating at C. The outlook was changed to stable from negative.

The downgrade follows Tacora’s Oct 10 announcement that it secured an order from the Ontario Superior Court of Justice starting proceedings under the Companies' Creditors Arrangement Act, Moody’s said.

The agency said it will withdraw its ratings on Tacora because of the bankruptcy filing.

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