Moody's lowers UniTek

Moody's Investors Service said it lowered UniTek Global Services, Inc.'s probability of default and corporate family ratings to Ca-PD/LD and Ca, respectively.

The limited default designation appended to UniTek's probability of default rating reflects the company's announcement that it failed to make the interest payment that was due on May 29 within the applicable grace period under its term loan credit agreement, the agency stated.

Moody's said it also lowered the rating on UniTek's revolving credit facility to Caa1 and the rating on the bank term loan to Ca. The SGL-4 speculative grade liquidity rating was affirmed.

The outlook is negative.

Moody's noted that it expects to withdraw all ratings in the near term due to insufficient or otherwise inadequate information to support the maintenance of the ratings.

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