Moody's downgrades Pacnet

Moody's Investors Service said it downgraded the corporate family and senior secured bond ratings of Pacnet Ltd. to B2 from B1.

The ratings remain under review for further downgrade.

Moody's said the action reflects its concerns that the company's weak operating performance in the first half of 2012 will continue to pressure cash flows, resulting in elevated leverage and a deteriorating liquidity position.

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