Moody's lowers AGY

Moody's Investors Service said it lowered AGY Holding Corp.'s corporate family and probability-of-default ratings to B3 from B2, and $172 million of 11% guaranteed senior secured second-lien notes due 2014 to B3 (LGD4, 58%) from B2 (LGD4, 58 %).

The actions reflect expectations for continued weakness and depressed sales volumes in many of its major end-markets, according to the agency.

The outlook is negative.

Moody's said the downgrade reflects the slowdown in the company's end markets, expectations for depressed sales volumes over the next year and the lack of visibility concerning a recovery in product demand.

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