Moody's lowers Capmark

Moody's Investors Service said it downgraded the senior unsecured ratings of Capmark Financial Group Inc. to B2 from Ba2. Ratings remain under review for downgrade.

The agency said the action is a result of Capmark's failure to repay the principal balance outstanding on its bridge loan upon maturity on March 23, 2009.

The action and continued review reflect the ongoing uncertainty surrounding Capmark's efforts to modify terms of its bridge loan agreement and senior credit facility, the agency noted.

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