Moody's drops Elyria

Moody's Investors Service said it downgraded the corporate family rating and probability of default rating for Elyria Foundry LLC to Caa2 from Caa1.

The outlook is negative.

This concludes the review for downgrade initiated in conjunction with the downgrade of Elyria's corporate family rating to Caa1 from B2 on May 26, the agency added.

The downgrade reflects Moody's intensifying concerns about the company's ability to sustain its current capital structure amidst the pronounced erosion in demand for castings.

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