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Moody's cuts MEMC notes to Caa1
Moody's Investors Service said it downgraded MEMC Electronic Materials, Inc.'s corporate family rating to B3 from B2 and senior notes due 2019 to Caa1 from B3.
Moody's also raised the speculative grade liquidity rating to SGL-3 from SGL-4.
The outlook is stable.
Moody's said the notes' Caa1 rating reflects the effective subordination of the notes to MEMC's $400 million corporate credit facility, which is secured by a lien on all domestic assets.
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