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Moody's cuts ACE Cash Express rating on tender offer announcement

Moody's has downgraded ACE Cash Express Inc.'s corporate family rating andsenior secured rating to Ca from Caa1.

The outlook on both ratings is stable.

Moody's action comes after the company's note exchange and cashtender offer, whichthe rating agency believes is a distressed exchange and default under itsdefinitions.

The agency said the corporate family and senior securedrating indicates a loss that would be incurred by the company's bondholdersparticipating in sponsor JLLPartners Inc.'s separate cash tender offer.