Moody's lowers Loyalty Ventures

Moody's Investors Service said it downgraded Loyalty Ventures Inc.'s probability of default rating to D-PD from Caa2-PD, and corporate family rating and senior secured bank credit facility ratings to C from Caa2.

The downgrade follows the March 10, bankruptcy filing under Chapter 11 in the U.S. Bankruptcy Court by Loyalty Ventures and certain of its subsidiaries, as well as under CCAA in Canada by LoyaltyOne Co., a subsidiary of Loyalty Ventures, the agency said.

After today's actions, Moody's said it will withdraw the ratings and negative outlook due to Loyalty Ventures' bankruptcy filing.

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