Moody’s drop Careismatic on Chapter 11

Moody's Investors Service said it downgraded New Trojan Parent, Inc.'s (Careismatic Brands) probability of default rating to D-PD from Caa3-PD, corporate family rating to Ca from Caa3, backed senior secured bank credit facilities which includes its backed senior secured revolving credit facility and backed senior secured first-lien term loan to Ca from Caa3.

However, Moody's said it affirmed the C rating on the backed senior secured second-lien term loan and changed the outlook to stable from negative.

These actions follow Careismatic filing for protection under Chapter 11 of the U.S. Bankruptcy Code on Monday.

Moody's said it will withdraw all its Careismatic ratings given the company's bankruptcy filing.

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