Moody's downgrades Altegrity

Moody's Investors Service said it downgraded Altegrity, Inc.'s probability of default rating to D-PD from Ca-PD and revised the outlook to stable from negative following Altegrity's announcement that it filed for protection under Chapter 11 of the U.S. Bankruptcy Code.

The following ratings are unchanged: Ca corporate family rating; $60 million first-lien revolving credit facility due 2019, Caa1 (LGD1); $275 million first-lien term loan, Caa1 (LGD1); $825 million 9½% senior first-lien notes due 2019, Caa1 (LGD1); $280 million 10½% senior second-lien notes due 2020, Ca (LGD4); $200 million 12% senior second-lien notes due 2020, Ca (LGD4); $60.8 million 15% senior third-lien notes due 2021, C (LGD5); $10.9 million 10½% senior notes due November 2015, C (LGD6); $11.25 million 12% senior notes due November 2015, C (LGD6) and $29.2 million 11¾% senior subordinated notes due May 2016, C (LGD6).

Moody's said it revised Altegrity's outlook to stable from negative based on the company's announcement that a group of lenders has committed to provide $90 million of debtor-in-possession financing that will support its liquidity during the debt-restructuring process. In addition, Altegrity said that it expects to apply $110 million of the $150 million of net proceeds it received from the sale of its factual data business and the global security & solutions division of USIS to repay existing first-lien debt at the conclusion of the restructuring.

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