Moody’s cuts 24 Hour Fitness

Moody’s Investors Service said it downgraded 24 Hour Fitness Worldwide, Inc.’s corporate family rating to Ca from Caa3 and probability of default rating to D-PD from Caa3-PD following the company’s voluntary filing of Chapter 11 bankruptcy proceedings.

Also, the agency lowered the ratings on the first-lien term loan and revolving credit facility to Ca from Caa3. Moody’s affirmed the rating on senior unsecured notes at C. The outlook remains stable.

Moody’s said it would withdraw its ratings because of the bankruptcy filing.

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