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  • Moody's Investors Service has come out with a study that targets long-heard criticism it is slow to change credit ratings and lags the market.
  • Boston-based NewStar Financial, a middle-market commercial finance company, has added three managing directors and just completed a $50 million offering of long-term senior secured notes.
  • Deutsche Bank, Goldman Sachs and Lehman Brothers are launching syndication of a credit facility for Penn National Gaming on May 3 to fund the company's merger with Argosy Gaming Co.
  • Photo Europe's senior bank debt traded in the 50-55 range last week, down from the mid-to-high 60s as the photo developer struggles with digital competition.
  • Three high-yield portfolio managers at traditional bond manager Threadneedle Investments in London are leaving to join hedge fund Moore Capital Management in London.
  • Vienna-based UNIQA Alternative Investments is looking to invest up to ¤75 million in collateralized loan obligations and another ¤40 million in euro-denominated commercial mortgage-backed and residential mortgage-backed deals, according to Philipp Mayer, portfolio manager.
  • The term loan "B" for The Carlyle Group's purchase of Verizon Hawaii was increased by $50 million last week.
  • Credit Suisse First Boston and Morgan Stanley are leading a four-and-a-half year, $100 million second-lien loan for Werner Co. Lenders are being offered LIBOR plus 10% on the Caa1-rated debt.
  • Adi Rabinowitz, senior agency collateralized mortgage obligation structurer and trader at Bear Stearns, recently left the firm and plans to join J.P. Morgan, according to an official familiar with his move.
  • Bear Stearns is leading a $105 million, three-year term loan for Muzak that relaxes financial covenants, refinances existing debt and leaves $27.2 million on the balance sheet.
  • Delhaize America recently landed a bigger bank deal with cheaper pricing, replacing a $350 million credit with a new $500 million revolver.
  • Srini Dhulipala, executive director and high-yield technology, media and telecom trader at Morgan Stanley, has left the firm and will join Banc of America Securities.