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Moody's upgrades Metaldyne
Moody's Investors Service said it raised Metaldyne Corp.'s corporate family rating to Caa2 from Caa3, probability-of-default rating to Caa2from Caa3 and 10% guaranteed senior unsecured notes due 2013 to Ca (LGD6 96%) from Caa3 (LGD4, 53%).
The agency upgraded Metaldyne Co. LLC's guaranteed senior secured asset based revolving credit facility to Ba3 (LGD2, 13%) from B1 (LGD2, 12%) and $408 million remaining amount of guaranteed senior secured term loan, to Caa1 (LGD3, 39%) from Caa2 (LGD3, 36%).
The action follows the company's tender of 90% of its combined unsecured and subordinated notes, the agency said.
The outlook is negative. This concludes the review begun on Oct. 27.
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