Moody’s cuts Tops on bankruptcy

Moody's Investors Service said it downgraded Tops Holding II Corp.’s probability of default rating to D-PD from Caa1-PD.

The downgrade was prompted by Tops' Feb. 21 announcement that it initiated Chapter 11 bankruptcy proceedings.

Moody's also downgraded the company's senior unsecured notes maturing 2018 to C from Caa3.

Additionally, the agency downgraded Tops Holding LLC’s the senior secured notes maturing 2022 to Ca from Caa1 and senior unsecured notes maturing 2021 to C from Caa3.

The outlook is stable.

Subsequently, Moody's said it will withdraw the ratings due to the bankruptcy filing.

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