Volume 244 Issue 39 09/28/1998
The news keeps getting worse for Golden Books. Following its announcement that Golden was deferring making the September 15 interest payment on its 7.65% senior notes, Moody's further downgraded the notes to Caa2 from Caa1.
Moody's said that while Golden may ultimately avert a payment default under the notes, the failure to pay interest when due constitutes a default under Moody's practices.
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