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Moody's drops TLC to Caa3
Moody's Investors Service said it downgraded TLC Vision Corp.'s corporate family rating to Caa3 from B3, probability-of-default rating to Caa3 from Caa1 and senior secured credit facilities to Caa3 (LGD3, 42%) from B2 (LGD2, 27%).
The outlook remains negative.
Moody's said the downgrade reflects its view that the sharp deterioration in TLC's financial performance coupled with a series of defaults under its credit facility, which have been waived through May 31, significantly increases the probability of default over the near term.
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