Moody's affirms Marsulex

Moody's Investors Service said it affirmed the ratings of Marsulex Inc., including its B2 subordinated debt rating for $60.7 million 9.625% senior subordinated notes due 2008 and its Ba3 senior implied rating.

The outlook is stable.

The affirmation, Moody's said, reflects Marsulex's solid business fundamentals with established long-term contracts, improved capital expenditures profile and sequential cash flow generation and the initiation of earnings realization from a major project.

The agency added that the ratings are constrained by the significant amount of financial leverage, noting weak interest-coverage ability for the company.

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