February 7, 2014 — Triet M. Nguyen
COFINA’s Downgrade by Moody’s More Significant Than G.O.s
Aside from dropping the G.O. by not one but two notches to Ba2, Moody’s also downgraded COFINA senior-lien bonds to Baa1 from A2 and its junior-lien bonds to Baa2 from A3.
This means the contemplated third lien COFINA bonds will be right on the cusp of junk also.