Influential credit agency Moody’s has lowered the corporate family rating (CFR) and probability of default rating (PDR) for travel technology giant Travelport.
Moody’s says its outlook for the business remains “negative” after downgrading the CFR and PDR to CAA1 from B3, defined as from “subject to high credit risk” to “poor standing and are subject to very high credit risk” [full explanation of terms].
“The senior secured, senior unsecured and the subordinated instrument ratings have also been lowered to B1 from Ba3, to Caa2 from Caa1, and to Caa3 from Caa2, respectively,” Moody’s says in a note to investors issued yesterday.
Read full story at: http://www.tnooz.com/2011/08/17/news/credit-agency-downgrades-travelport-rating-amid-debt-concerns/
