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Moody's lowers Quiksilver notes to Caa2
Moody's Investors Service said it lowered Quiksilver Inc.'s senior unsecured note rating to Caa2 from Caa1, including its $400 million senior unsecured notes due April 2015 to Caa2 (LGD 5, 80%) from Caa1 (LGD 4, 66%).
The company's B3 corporate family and probability of default ratings were affirmed.
Moody's also upgraded Quiksilver's speculative grade liquidity rating to SGL-3 from SGL-4. The outlook is negative.
The one-notch downgrade of Quiksilver's senior unsecured note rating to Caa2 reflects the granting of liens over a substantial portion of the company's European assets to secure its new European credit facilities, the agency said.
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