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Moody's lowers LodgeNet
Moody's Investors Service said it downgraded LodgeNet Interactive Corp.'s corporate family rating to Caa1 from B3 and changed the probability of default rating to Caa2 from Caa1.
The senior secured bank credit facility was downgraded to Caa1 from B3 and the outlook was changed to negative from stable.
Moody's said the downgrade is due to poor first and second quarter financial results and its expectations that they will not improve in the near term.
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