Moody's lowers TLC Vision

Moody's Investors Service said it has lowered the probability of default rating of TLC Vision Corp. to D from Caa3.

Concurrently, the corporate family rating was downgraded to Ca from Caa3 and the ratings on the senior secured credit facility and term loan were downgraded to Ca from Caa3, the agency noted.

The outlook is stable.

According to Moody's, the downgrade of the probability of default rating to D reflects the company's failure to make the quarterly interest and principal payments due on June 30 within the five calendar-day grace period in the original credit agreement.

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