Weekly Downgrade Wrap-Up
As usual, we have a weeks worth of ratings actions on the debt of buyout-backed companies from ratings agencies Moody’s and Standard & Poor’s. Both agencies appear to be on vacation, since the list is light for the fourth week in a row. Either that, or all the low-rated debt is undergoing distressed exchanges or getting terms amended. Once again, all of the ratings actions are related to exchanges or repurchases. Company: Dana Holding Corporation Sponsor: Centerbridge Capital Partners LP Revision: Moody’s revised the company’s probability of default rating to Caa1\LD from Caa1. Highlights: “The positioning of Dana's PDR at Caa1\LD reflects the company's second quarter earnings call announcement of completing additional open market purchases of its senior secured term loan at distressed prices beyond levels previously achieved through the Dutch auction concluded in May 2009.
