Moody's downgrades Totes' CFR to Caa2; Stable outlook
New York, November 18, 2016-- Moody's Investors Service downgraded Indra Holdings Corp's Corporate Family Rating to Caa2 from Caa1, Probability of Default Rating to Caa2-PD from Caa1-PD, and the rating on the senior secured first lien term loan to Caa2 from Caa1. The rating outlook remains stable. The downgrade reflects Moody's view that Totes' currently unsustainable capital structure combined with an overall weak liquidity profile create a heightened probability of...
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