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Moody's drops DeCrane to Caa1
Moody's Investors Service said it downgraded the corporate family and probability-of-default ratings of DeCrane Aerospace, Inc. to Caa1 from B3, concluding the review that began on May 19.
The agency also lowered the company's $30 million first-lien revolving credit facility and $195 million first-lien term loan, both due 2013, to B2 (LGD2, 29%) from B1 (LGD2, 26%) and its $150 million second-lien term loan due 2014 to Caa2 (LGD5, 82%) from Caa1 (LGD5, 78%).
The outlook is stable.
The downgrades reflect weaker-than-expected 2007 earnings from significant one-time fourth quarter 2007 expense items, Moody's said.
The outlook is stable despite the heightened potential for covenant breaches due to some credit positives, according to the agency.
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