Moody’s lowers Lecta

Moody's Investors Service said it downgraded the corporate family and probability of default ratings for Lecta SA to B3 from B2 and B3-PD from B2-PD, respectively, and cut the rating on the company’s senior secured bonds to B3 from B2.

The downgrade reflects Moody’s concern that conversion of a production line and energy efficiency changes at Lecta’s Condat, France, facility are facing funding problems. The company also is dealing with weak demand for its product.

The agency revised the outlook to under review from negative.

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