Avaya, Inc. -- Moody's Downgrades Avaya to Caa1

New York, February 12, 2016 -- Moody's Investors Service ("Moody's") downgraded Avaya, Inc.'s corporate family rating to Caa1 from B3. Moody's also downgraded the company's probability of default rating to Caa1-PD from B3-PD, its first lien debt facilities to B2 from B1 and its second lien notes to Caa2 from Caa1. The downgrade was driven by continued declines in performance as well as concerns about the sustainability of the current capital structure including its ability to refinance $600 million of debt maturing in 2017. The ratings outlook is negative.

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