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Rating Action:

Moody's downgrades Coach America's PDR to D

04 Jan 2012

Approximately $356 million of rated debt affected

New York, January 04, 2012 -- Moody's Investors Service has lowered the probability of default rating (PDR) of Coach America Holdings, Inc. ("Coach America") to D from Caa1 and the corporate family rating (CFR) to Ca from Caa1 following its announcement on January 3, 2012 that Coach America and its subsidiaries have filed a voluntary petition for Chapter 11 reorganization in the United States Bankruptcy Court for the District of Delaware. In the near term, Moody's will withdraw all of the ratings because the issuer has entered into bankruptcy. Please refer to Moody's withdrawal policy on Moodys.com.

The following ratings were downgraded and will be withdrawn:

Probability of Default Rating to D from Caa1

Corporate Family Rating to Ca from Caa1

$30 million 1st lien revolving credit facility due 2013 downgraded to Ca (LGD-3, 44%) from Caa1 (LGD-3, 44%);

$50 million 1st lien letter of credit facility due 2014 downgraded to Ca (LGD-3, 44%) from Caa1 (LGD-3, 44%);

$195 million 1st lien term loan due 2014 downgraded to Ca (LGD-3, 44%) from Caa1 (LGD-3, 44%);

$50 million 1st lien delayed draw term loan due 2014 downgraded to Ca (LGD-3, 44%) from Caa1 (LGD-3, 44%);

$30.5 million 2nd lien term loan due 2014 downgraded to C (LGD-6, 90%) from Caa3 (LGD-6, 90%)

RATINGS RATIONALE

The downgrade of the PDR and CFR reflects the company's bankruptcy filing, which Moody's classifies as a default event.

Coach America Holdings, Inc's ratings were assigned by evaluating factors that Moody's considers relevant to the credit profile of the issuer, such as the company's (i) business risk and competitive position compared with others within the industry; (ii) capital structure and financial risk; (iii) projected performance over the near to intermediate term; and (iv) management's track record and tolerance for risk. Moody's compared these attributes against other issuers both within and outside Coach America Holdings, Inc's core industry and believes Coach America Holdings, Inc 's ratings are comparable to those of other issuers with similar credit risk. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Coach America Holdings, Inc., headquartered in Dallas, Texas, is a charter bus operator and motorcoach services provider in the United States. The company reported last twelve months ended September 30, 2011 revenues of $457.8 million.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country which has not been recognized as endorsable at this date, this credit rating is deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 31 January 2012. ESMA may extend the use of credit ratings for regulatory purposes in the European Community for three additional months, until 30 April 2012, if ESMA decides that exceptional circumstances arise that may imply potential market disruption or financial instability. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following : parties involved in the ratings, public information, and confidential and proprietary Moody's Investors Service information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Jadijhe (Gigi) Adamo
Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Alexandra S. Parker
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's downgrades Coach America's PDR to D
No Related Data.
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