15.06.2016 20:36:00
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Toys 'R' US, Inc. -- Moody's says Toys "R" Us proposed exchange is a distressed exchange; PDR downgraded to Caa3
New York, June 15, 2016 -- Moody's Investors Service ("Moody's") stated that if the exchange offer announced by Toys "R" Us, Inc. on 14 June 2016 proceeds as outlined, it will constitute a distressed exchange, which is an event of default under Moody's definition of default. As a result, the Probability of Default rating is downgraded to Caa3-PD from B3-PD.