New York, November 16, 2016 -- Moody's Investors Service, ("Moody's") has downgraded Rackspace Hosting, Inc.'s (Rackspace or the company) corporate family rating (CFR) to B1 from Ba1 and probability of default rating (PDR) to B1-PD from Ba1-PD following the official close of its acquisition by funds associated with Apollo Global Management. Moody's has also affirmed Rackspace's speculative grade liquidity rating of SGL-1 and changed the outlook to stable.
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