Moody's drops Palm

Moody's Investors Service said it downgraded the corporate family rating and probability of default rating of Palm, Inc. to B2 from B1 and left ratings on review for further possible downgrade as a result of Palm's third quarter result announced on March 20.

The agency said that details of the rating action are as follows: senior secured term loan, to B2 LGD3, 43% from Ba3 LGD3, 42% and senior secured revolving credit facility, to B2 LGD3, 43% from Ba3 LGD3, 42%.

Moody's added that the downgrade reflects Palm's recent financial performance, which came in significantly below its previous expectations.

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