Moody's cuts Electrical Components

Moody's Investors Service said it downgraded Electrical Components International, Inc.'s corporate family and probability of default rating to Caa3 from Caa2.

Moody's said it downgraded the company's senior secured bank credit facility to Caa2 from Caa1 and its second-lien term loan to Ca from Caa3.

The outlook is negative.

According to the agency, the downgrades reflect the company's operating performance below Moody's expectations as the result of the continued economic pressures that Electrical Components faces from the severe downturn in the domestic and Western European housing markets, the main drivers of the company's revenues.

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