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Moody's cuts US TelePacific outlook to negative
Moody's Investors Service said it has changed the outlook for all ratings of US TelePacific Corp. to negative from stable, reflecting the challenges the company will face in staying compliant with debt covenants in its bank credit facility over the next 12 months.
Moody's said it affirmed the company's B3 corporate family rating and the B1 ratings for the company's senior secured first-lien bank credit facilities.
Moody's added that it does not rate TelePacific's senior secured second-lien term loan.
The B3 corporate family rating reflects TelePacific's ongoing turnaround, as the company's service territories in California and Nevada were among the first hit by the collapse of the real estate market in 2007, the agency added.
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