Moody’s Investors Service announced that it has downgraded the corporate family rating (CFR) and probability of default ratings (PDR) of Cinram International Inc. to Caa3 from Caa1 and Caa2 respectively. Additionally, Moody’s has lowered Cinram’s speculative grade liquidity rating to SGL-4 (poor) from SGL-3 (adequate) and revised the ratings outlook to negative from stable.

Downgrade summary:

• Corporate Family Rating, downgraded to Caa3 from Caa1

• Probability of Default Rating, downgraded to Caa3 from Caa2

• Outlook, changed to negative from stable

• Speculative Grade Rating, downgrade to SGL-4 (poor) from SGL-3 (adequate)

• Senior Secured First-out Revolving Facility downgraded to B2 (LGD2, 10%) from B1 (LGD1, 3%)

• Senior Secured Second-out Revolving Facility downgraded to Caa3 (LGD3, 45%) from B3 (LGD2, 26%)

• Senior Secured Bank Credit Facility downgraded to Caa3 (LGD3, 45%) from B3 (LGD2, 26%)

For more information visit: www.moodys.com ; www.cinram.com