Moody's cuts Virgin Australia to Ca

Moody's Investors Service said it downgraded Virgin Australia Holdings Ltd.’s corporate family rating to Ca from Caa1.

Concurrently, Moody's downgraded Virgin's senior unsecured and backed senior unsecured ratings to C from Caa2.

The agency changed the outlook on the ratings to developing from ratings under review.

The downgrade and outlook change were prompted by Virgin missing the coupon payment on May 15 of its $425 million of 8 1/8% 2024 bonds, after entering into voluntary administration on April 21, Moody’s said.

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