Couple quick items from the week that was.
Heard from WCRI that they are close to capacity for the annual confab. If you haven’t registered, you’d best do so now here.
Rating firm Moody’s released an announcement regarding OneCall Corp.’s recent debt offering.[link accessible for registered users; registration is free]. This follows OneCall’s announcement last week that it would be offering to exchange new debt for existing debt.
Moody’s announcement indicates it is “likely” the debt exchange will be viewed as a “distressed exchange”; there is no change to ratings at this time.
S&P released a note indicating it lowered it’s long-term issuer credit rating for One Call Corp to ‘CC’ from ‘CCC+'[free registration required].
From S&P – “An obligor rated ‘CC’ is currently highly vulnerable. The ‘CC’ rating is used when a default has not yet occurred but S&P Global Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.”
New CEO Rone Baldwin released a letter to all earlier this week.