Moody's cuts Keystone view to negative

Moody's Investors Service said it affirmed Keystone Automotive Operations, Inc.'s B2 corporate family rating, Caa1 $175 million guaranteed senior subordinated unsecured notes due 2013 and B2 senior secured bank facilities, which include a $50 million revolving credit facility due 2008, $115 million term loan due 2009 (about $94 million remaining) and $90 million incremental guaranteed senior secured term loan due 2010.

The outlook is changed to negative and reflects Moody's concern that current industry softness, driven by volatile gasoline pricing, will delay expected improvements in Keystone's credit metrics.

Moody's said the ratings reflect Keystone's weak credit metrics following the acquisition of Reliable Investments, Inc. in December 2005.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.