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Moody's drops Vertis to Ca
Moody's Investors Service said it downgraded Vertis Inc.'s corporate family and probability-of-default ratings to Ca, $348 million 9¾% secured second-lien notes due 2009 to Caa2 (LGD2, 23%) from B1 (LGD2, 23%), $349 million 10 7/8% senior notes due 2009 to Ca (LGD4, 51%) from Caa1 (LGD4, 50%) and $290 million 13½% senior subordinated notes due 2009 to C (LGD5, 81%) from Caa3 (LGD5, 83%).
The outlook is stable.
The probability-of-default rating remains under review for further downgrade. This concludes the review of Vertis's ratings, which began in 2007.
The downgrade reflects concerns about very tight and rapidly eroding liquidity, weak asset coverage, rising probability of default and questionable ability to operate as a going concern without a near-term restructuring event or sale, according to Moody's.
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