Moody's lowers Libbey

Moody's Investors Service said it downgraded Libbey Glass Inc.'s ratings, including its corporate family and probability of default ratings to Caa1 from B3, and the rating on its second-lien senior secured notes to Caa1 from B3.

Libbey's SGL-3 speculative-grade liquidity rating was unchanged, the agency said.

The outlook is negative.

Moody's added that these actions conclude the review for possible downgrade that was initiated on Feb. 13.

The downgrade reflects Libbey Glass' weak operating performance and credit metrics stemming from the difficult macroeconomic environment and the company's sizeable debt load and interest burden, the agency said.

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