Moody's: Libbey Glass outlook positive

Moody's Investors Service said it revised Libbey Glass Inc.'s outlook to positive and affirmed the its Caal corporate family rating, second-lien senior secured notes due 2011 at Caa1 (LGD4, 56%) and SGL-3 speculative grade liquidity rating.

Libbey Glass' probability-of-default rating was changed to Caa1/LD from Caa1 to reflect its recently completed debt-for-equity exchange, which was deemed a distressed exchange, the agency said.

The outlook change reflects Libbey Glass' improved pro forma credit metrics, the agency noted.

The affirmation of the SGL-3 rating reflects the company's improved liquidity profile, Moody's said.

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