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Published on 2/23/2012 in the Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Moody's: Viridian bonds B2

Moody's Investors Service said it assigned a provisional B1 corporate family and probability of default ratings to a restricted group of companies owned by Viridian Group Investments Ltd.

The agency also said it assigned a provisional B2 rating to the proposed £405 million senior secured bonds to be issued by Viridian Group FundCo II, a member of the group of companies, with a loss given default assessment of LGD 4.

The notes will effectively be subordinated to its £225 million secured revolving credit and letter of credit facility and a maximum £70 million of commodity hedging liabilities and an uncapped amount of interest rate and foreign-exchange hedging, which have priority of claim over the shared collateral, Moody's said.


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