Moody’s changes Iracore PDR to Ca-PD/LD

Moody's Investors Service said it appended Iracore International Holdings, Inc.'s Ca-PD probability of default rating with a "/LD" designation, indicating limited default, following the close of the $125 million senior secured notes exchange to equity.

The agency said it considers the transaction a distressed exchange, which is a default under Moody's definition. The "/LD" designation will be removed after one business day.

All other ratings are unchanged.

The outlook remains negative.

All ratings will be withdrawn within a few business days due to the notes being extinguished.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.