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Moody's cuts HSN
Moody's Investors Service today lowered HSN Inc.'s corporate family and probability-of-default ratings to Ba2 from Ba1, $150 million senior secured revolving credit facility to Baa3 (LGD2, 22%) from Baa2, $150 million senior secured term loan to Baa3 (LGD2, 22%) From Baa2 and $250 million senior unsecured notes to Ba3 (LGD5, 72%) from Ba2.
The company's speculative grade liquidity rating of SGL-2 was affirmed.
The rating outlook is negative.
The action was prompted by the company's weak fourth quarter 2008 performance, with reported EBITDA declining by 45%, according to the agency.
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