Avaya, Inc. -- Moody's Downgrades Avaya to Caa2

New York, August 25, 2016 -- Moody's Investors Service ("Moody's") downgraded Avaya, Inc.'s Corporate Family Rating to Caa2 from Caa1. Moody's also downgraded the company's Probability of Default Rating to Caa3-PD from Caa1-PD, and its second lien notes to Caa3 from Caa2. Its first lien debt facilities were affirmed at B2. The downgrade was driven by continued declines in performance, weakened liquidity, as well as concerns about the sustainability of the current capital structure. The downgrade also reflects the likelihood of a near term restructuring given the upcoming $1.15 billion in debt maturities due between October 2017 and March 2018. The affirmation of the first lien debt B2 ratings reflects the expectation of better than average recoveries for first lien lenders. The ratings outlook is negative.

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