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Moody's cuts VeraSun
Moody's Investors Service said it downgraded VeraSun Energy Corp.'s corporate family rating to Ca from Caa3 and probability of default rating to D from Caa3, following the company's announcement that it has filed voluntary petitions under Chapter 11 of the United States Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware.
The ratings on the company's debt issues were also downgraded, the agency said, adding that the ratings will be withdrawn in the near future due to the bankruptcy.
Affected ratings include the company's $210 million senior secured notes due 2012 at Caa2 (LGD2, 27%) from Caa1 (LGD2, 27%) and $450 million senior unsecured notes due 2017 at C (LGD5, 77%) from Ca (LGD5, 77%).
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