Moody’s cuts, will withdraw Aspect Software

Moody's Investors Service said it downgraded Aspect Software, Inc.'s corporate family rating to Caa3 and its probability of default rating to D-PD.

The downgrade was prompted by Aspect's March 9 announcement that it initiated Chapter 11 bankruptcy proceedings.

The outlook was changed to stable from negative.

The Caa3 corporate family rating and instrument ratings reflect the bankruptcy filing and the expected recovery rates on the first- and second-lien debt. Subsequent to the March 14 actions, Moody's will withdraw the ratings due to Aspect's bankruptcy filing.

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