Report title: Speculative Grade Liquidity Monthly Monitor - July 2008
from Moody's Global Credit Research
22 page (14216 word) report published Jul 17, 2008

Price $550.00 available for immediate download
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...The four components that go into a composite SGL score cash flow and internal sources of cash; liquidity availability and external sources of cash; covenants; and alternative sources of liquidity (so-called back-door financing) all came into play in June. For example, we downgraded Cablevision Systems Corp. to SGL-4 from SGL-3, reflecting a projected shortfall of internal and currently committed external sources of liquidity relative to expected cash-funding needs over the next 12 to 15 months. Positive cash flow and a $1 billion undrawn revolver will likely be sufficient to satisfy scheduled maturities through the first half of 2009; however, a potential material liquidity shortfall is projected to exist in the third quarter of 2009, when another $900 million of maturing obligations will need to be refinanced. We downgraded Activant Solutions Inc. to SGL-3 from SGL-2, noting that the provider of business- management services has relatively strong liquidity today but that...

Report Type: SGL Monitor
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