Moody's downgrades Affinion notes

Moody's Investors Service said it appended a limited default (LD) designation to Affinion Group, Inc.'s probability of default rating to Ca-PD/LD from Caa3-PD.

Moody's also downgraded the company's senior unsecured payment-in-kind toggle notes due 2022 to C from Ca.

The agency also affirmed Affinion's Caa3 corporate family rating, Caa1 rating on the company's first-lien credit facility and its SGL-4 speculative grade liquidity rating.

The outlook remains negative.

The downgrades reflect an understanding that Affinion did not make a scheduled February term loan cash interest payment within the applicable five-day grace period, Moody's said.

The agency said it will remove the LD designation shortly, and also withdraw all of Affinion's ratings because it believes it has insufficient information to support the maintenance of the ratings.

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