Moody’s downgrades Cygnus Business Media

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New York—Moody’s Investors Service announced that it has downgraded Cygnus Business Media’s Corporate Family and Probability of Default ratings to Caa1 from B3 and its first lien senior secured bank loan rating to B3 from B2. The downgrades came after Cygnus’ disclosure in June that it is in default under the financial covenants of its first lien senior secured loan agreements. ABRY Partners reportedly has Cygnus on the block, and it remains unclear how the downgrades may affect any potential sale.
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