Weekly Downgrade Wrap-Up
As usual, we have a week’s worth of ratings agency downgrades, upgrades, revisions and withdrawals on the debt of LBO-backed companies, via Standard & Poor’s and Moody’s Investor Services. Not too much action this week, after several weeks packed with amendments and exchange offers. Maybe that's because the ratings on all the really distressed debt have been withdrawn. Company: Wilton Products Sponsor: GTCR Golder Rauner Withdrawal: Moody's confirmed the company's B3 corporate family and probability of default ratings and withdrew its rating because it lacks adequate information to rate the company. Highlights: The rating reflects "the risk inherent in the company's highly leveraged capital structure which includes significant junior capital with limited rights ($195 million of mezzanine and $224 million of preferred equity).
