Moody's lowers Direct Buy

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Direct Buy Holdings, Inc. to Caa2. The ratings remain on review for further possible downgrade.

Moody's said the downgrade considers the company's failure to file its fiscal year-end July 31 financials within 90 days as required by its debt agreements and its ability to remain in compliance with the upcoming required step-downs in its leverage covenant.

Ratings could be lowered if Direct Buy has difficulty remaining in compliance with its various debt agreements for any reason, according to the agency.

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