Moody’s cuts Velocity Pooling, loans

Moody's Investors Service said it downgraded Velocity Pooling Vehicle, LLC's corporate family rating to Ca from Caa2 and probability of default rating to Ca-PD from Caa2-PD.

The agency also downgraded the $295 million first-lien term loan to Ca from Caa2 and $85 million second-lien term loan to C from Caa3.

The outlook was changed to stable from negative.

Moody’s said the downgrade of the corporate family rating to Ca reflects its view that the potential for default over the next 12 is acute given the unsustainability of Velocity's capital structure at current, or even improved, levels of operating performance.

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