Avison Young (Canada) Inc. failed to make required quarterly principal and interest payments on its senior secured term loan. We view these missed payments as a default under our criteria, given that the lenders did not receive the value they were initially promised in a timely manner. Therefore, we lowered our issuer credit rating on Avison Young to 'SD' (selective default) from 'CCC'. At the same time, we lowered our issue-level rating on the senior secured term loan to 'D' from 'CCC-'. We expect to review our issuer credit rating on Avison Young in the coming weeks when we receive additional information about its intentions to meet these and other financial obligations. Criteria Corporates General: Methodology: Management And
