Vericast Corp., a print-based customer service and solutions company headquartered in Texas, completed the exchanges to subordinate certain first-lien debt, delay the payment of certain mandatory debt amortization, and extend the maturity of certain first-lien debt. We view these transactions as distressed exchanges, and therefore as tantamount to default. We lowered our issuer credit rating on the company to 'SD' from 'CC'. We also lowered our ratings on the debt involved in the exchange to 'D' from 'CC'. Refinancing its existing $1.1 billion first-lien term loan due 2026 by subordinating $272 million into new $283 million second-lien notes due 2027. The remaining portion will be amended into a new $785 million first-lien term loan due 2026. Deferring the next four
