Moody’s could drop Bankrate

Moody's Investors Service said it placed the ratings of Bankrate, Inc. on review for downgrade following the company's Sept. 16 Form 8-K announcement of non-reliance on past financial statements for fiscal years 2011, 2012 and 2013 pending a full internal review of certain accounting irregularities currently being investigated by the Securities and Exchange Commission.

Moody’s said the review reflects uncertainty surrounding the company's reported financial results, which may require material restatement. It is also based on the agency’s view that an extended period to resolve the accounting issues could result in a delay for filing Bankrate's Form 10-Q within the 45-day period following the end of the September quarter as required under the Rules and Regulations of the Securities and Exchange Act of 1934, and trigger a technical default under the note indenture and credit agreement.

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