Moody's downgrades Rank

Moody's Investors Service said it downgraded to B1 from Ba3 the corporate family rating of Rank Group plc following the company's profit warning due to material negative impacts of smoking bans and withdrawal of Section 21 gaming machines.

Moody's downgraded Rank Group Finance Plc's $100 million guaranteed notes due 2008 and $14.3 million guaranteed notes due 2018 to B3 (LGD5, 85%) from B2 (LGD5, 84%).

Ratings have been placed on review for further downgrade.

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