Moody's cuts Canwest's default rating

TORONTO – Beleaguered Canwest Limited Partnerships (CLP) had its probability of default rating cut yet again. Moody's Investors Service downgraded its rating to Ca/LD from Caa2, and its corporate family to Caa3 on news that the company "has decided to not make payments totaling approximately $10 million due under its senior secured credit facility" on May 29, 2009, the end of the company's fiscal quarter. Moody’s decision said that the move suggests that CLP “has chosen to force the issue with its bank lenders, and is also likely an indication that ongoing negotiations with the bank lenders were not going well”....