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Moody’s Downgrades Cinram

Moody’s Investors Service announced that it has downgraded the Probability of Default Rating (PDR) for Cinram International to D from Caa3 as a result of its filing for reorganization under the Companies’ Creditors Arrangements Act (CCAA).

Additionally, Moody’s has lowered Cinram’s corporate family rating, senior secured first-out credit facility rating and senior secured second-out credit facilities’ ratings to C, Caa3 and C respectively.

Downgrade summary:

• Corporate Family Rating, downgraded to C from Caa3

• Probability of Default Rating, downgraded to D from Caa3

• Senior Secured First-out Revolving Facility downgraded to Caa3 (LGD3, 31%) from B2 (LGD2, 10%)

• Senior Secured Second-out Revolving Facility downgraded to C (LGD5, 74%) from Caa3 (LGD3, 45%)

• Senior Secured Bank Credit Facility downgraded to C (LGD5, 74%) from Caa3 (LGD3, 45%)

• Speculative Grade Rating, affirmed at SGL-4 (poor)

• Outlook remains Negative

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