Moody's downgrades PBG

Moody's Investors Service said it lowered PBG SA's probability of default rating to Caa3/LD from B2 and corporate family rating to Caa1 from B2.

The ratings were placed on review for possible further downgrade.

Moody's said the downgrade of PBG's probability of default rating reflects the recently announced standstill agreement with its financing banks and the extension of bank facilities that were due shortly or over the past few weeks, all of which are considered by Moody's as a distressed exchange and a limited default.

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