In a research note published after the closing bell on Monday, Moody's lowered Gogo's corporate credit rating and probability-of-default grade from B3 to Caa1. The speculative grade liquidity rating fell from SGL-2 to SGL-3.
Moody's view of Gogo moved from "highly speculative" to "substantial risks," with a negative outlook that could lead to even further rating cuts in the near term.
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