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Moody's cuts United Subcontractors
Moody's Investors Service said it lowered United Subcontractors Inc.'s probability-of-default rating to D from Caa1 following its filing for protection under Chapter 11 of the U.S. Bankruptcy Code.
The agency also downgraded the corporate family rating to Ca from Caa2, first-lien revolver to Ca (LGD4, 60%) from Caa2 (LGD4, 59%), first-lien term loan to Ca (LGD4, 60%) from Caa2 (LGD4, 59%) and second-lien term loan to C (LGD6, 96%) from Caa3 (LGD6, 96%).
Moody's said it expects that an agreement reached with first- and second-lien lenders will eliminate the majority of the existing debt and that lenders will take ownership of the business.
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