Moody’s, S&P cut Polaroid’s ratings

CAMBRIDGE — Moody’s Investors Service and Standard & Poor’s Corp. announced
they were cutting Polaroid Corp’s bond ratings as a result of that company’s announcement
that it would default on $27 million interest payments. Moody’s said it would
cut Polaroid’s ratings to Ca from Caa3. S&P said it would initially cut Polaroid’s
ratings to CC from CCC and then further to D when Polaroid actually does default
on the interest payments. Polaroid reported $937.2 million debt last year along
with $1.86 billion in revenue. The company halted interest payments on interest
payments after getting a three-month extension of $360 million in bank loans,
the Boston Globe reported.