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Moody's drops Chem Rx to Caa1
Moody's Investors Service said it lowered Chem Rx Corp.'s corporate family and probability-of-default ratings to Caa1 from B3, $25 million senior secured revolving credit facility due 2012 to B3 (LGD3, 35%) from B2 (LGD3, 35%) and $80 million first-lien senior secured term loan due 2013 to B3 (LGD3, 35%) from B2 (LGD3, 35%).
The Caa2 rating on the company's second-lien term loan was affirmed. Ratings have been placed under review for further downgrade. The speculative grade liquidity rating remains SGL-4.
Moody's said the downgrade follows the company's announcement that it violated several financial covenants under its first- and second-lien credit facilities.
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