Weekly Downgrade Wrap-Up
As usual, we have a week's worth of downgraded LBO-backed companies from S&P and Moody's. Only four -- which is the same number of withdrawals due to Chapter 11 or default. That latter group includes Charter Communications, backed by Kelso & Co. and Oak Hill, BI-Lo, backed by Lone Star Funds, as well as Indalex, backed by Sun Capital Partners. Company: Network Communications Inc. Sponsor: Citigroup Private Equity Downgrade: S&P lowered the company's corporate credit rating from lowered to 'B-' from 'B'. Highlights: "Revenue and EBITDA were down 20% and 38%, respectively, for the third fiscal quarter ended Dec. 7, 2008, largely due to a decline in ad pages at the company's largest publication, The Real Estate Book (TREB)."
27 March 2009•2 mins read
