| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for CMP Susquehanna Corp. > News item |
Moody's cuts CMP Susquehanna
Moody's Investors Service said it downgraded CMP Susquehanna Corp.'s corporate family rating to B2 from B1.
In addition, Moody's said it downgraded CMP's $800 million senior secured credit facility, consisting of a $100 million senior secured revolver due 2012 and $700 million senior secured term loan due 2013, to B1 from Ba3 and $250 million senior subordinated notes due 2014 to Caa1 from B3.
The downgrade reflects Moody's expectation that leverage will exceed 8.5 times by fiscal year end 2007 and remain high over the rating horizon as a result of weaker than expected operating performance in several of CMP's markets.
The outlook is stable.
The agency said that CMP's ratings reflect the company's high fiscal year end 2006 debt to EBITDA leverage of 9.3x, substantial revenue concentration in two markets and weakness in the company's operating and financial performance as compared to Moody's prior expectations.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.