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Moody’s May Cut Bowie Bonds

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From Bloomberg News

Debt backed by royalties of recording artist David Bowie may be cut by Moody’s Investors Service, in part because of a drop in music sales, the ratings company said.

The review was prompted by lower than expected revenue generated by the assets backing the $55-million issue, first sold in February 1997, Moody’s said. About $40 million of the securities may be affected. The Bowie-backed notes, issued by Jones/Tintoretto Entertainment Co., are rated A3 by Moody’s.

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