Moody's rates Turbo Alpha Caa2

Moody's Investors Service said it withdrew the ratings of Turbo Beta plc and assigned a Caa1 corporate family and probability of default ratings of Caa2/limited default to Turbo Alpha II Ltd., which is now the top operating company of the group.

The agency also said it maintained the B3 rating on the senior facilities of Turbo Alpha Ltd. All of the ratings have been placed under review for upgrade.

The change follows the successful completion of a restructuring, including equitizing mezzanine debt, Moody's said. The agency said it expects to remove the limited default designation after about three business days.

The ratings have been placed under review for possible upgrade as these actions will reduce leverage, Moody's said.

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