Moody's amends Service King

Moody's Investors Service said it appended a limited default or LD designation to Midas Intermediate Holdco II, LLC's (Service King) Caa3-PD probability of default rating thereby changing it to Caa3-PD/LD.

The agency noted Service King's continued failure to make interest payments after the grace period that was due on April 1, on its unsecured notes, is a limited default despite the company having entered into a forbearance agreement.

The company continues to add PIK interest on its first-lien term loan. The limited default designation will remain until the company resolves the missed interest payment. Service King's corporate family rating remains unchanged at Caa3, and the outlook remains negative, Moody’s said.

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