Moody's cuts Caribe Media

Moody's Investors Service said it changed Caribe Media, Inc.'s probability of default rating to D from Caa3 following news that the company filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

The company's corporate family rating was lowered to Ca from Caa2 and its senior secured revolver due 2012 and term loan ratings were lowered to Caa1 (LGD 2, 11%) from B3 (LGD 2, 16%).

The outlook was changed to stable from negative.

Moody's also said it expects to withdraw all ratings for the company over the near term.

The downgrades reflect the company's bankruptcy filing, which is classified as a default event, the agency said.

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