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Moody's downgrades Revere
Moody's Investors Service said it lowered the corporate family rating of Revere Industries, LLC to C from Caa2 and the probability-of-default rating to D from Caa2 as a result of the company's failure to meet interest payment obligations on its first- and second-lien term loans earlier this year.
The agency also downgraded the first-lien revolving credit facility due 2010 to Ca (LGD4, 50%) from Caa1 (LGD3, 35%), first-lien term loan due 2011 to Ca (LGD4, 50%) from Caa1 (LGD3, 35%) and second-lien term loan to C (LGD6, 100%) from Caa3 (LGD 5, 83%).
The outlook was changed to stable from negative.
Subsequent to these actions, Moody's said it will withdraw the ratings as a result of Revere's reorganization.
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