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Moody's cuts Rank Group notes to B2
Moody's Investors Service said it downgraded to B2 from Ba3 the debt ratings of the $100 million guaranteed notes due 2008 and $14.3 million guaranteed notes due 2018 at Rank Group Finance plc.
The actions follow Rank's closing of refinanced multicurrency term and revolving credit facilities totaling £400 million, which incorporates upstreamed unsecured guarantees from material subsidiaries and results in structural subordination of the 2008 and 2018 notes. The notes formally ranked pari-passu with the term and revolving credit facilities.
According to Moody's loss given default methodology, Moody's said it also assigned a probability of default rating of Ba3 to the corporate family and an LGD assessment of 5 and an LGD rate of 84% to the 2008 and 2018 notes. Rank's Ba3 corporate family rating and negative outlook are not affected.
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