Moody's cuts Integra Telecom loan and notes

Moody's Investors Service affirmed Integra Telecom Holdings, Inc.'s corporate family rating at B3 and the probability of default rating at B3. In addition, given that the existing capital structure will remain in place, Moody's downgraded the ratings on the existing $248 million term loan to B3 (LGD4, 53%), from B2 (LGD4, 53%) and the $475 million of 10¾% senior secured notes to B3 (LGD4, 53%) from B2 (LGD3, 35%).

Integra's ratings reflect its high leverage for a competitive telecommunications company and the challenge of repositioning its product portfolio and network to provide more data-centric products to its customers and expanding the reach of its fiber network, the agency said.

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