PE Debt Watch (Upgrades & Downgrades)
As usual, we have a week’s worth of ratings actions on the debt of LBO-backed companies by Moody’s Investors Service Standard & Poor’s Ratings Services. Company: Rafaella Apparel Group Sponsor: Cerberus Capital Management LP Action: S&P lowered its corporate credit rating on Rafaella to 'CC' from 'CCC' and its issue-level rating on the senior secured notes to 'C' from 'CCC-'. Highlight: The company commenced a modified Dutch auction tender offer to purchase up to 51% of its outstanding 11.25% senior secured notes due 2011.
26 February 2010•1 min read
