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Published on 5/5/2009 in the Prospect News Bank Loan Daily and Prospect News Distressed Debt Daily.

Moody's drops MetoKote

Moody's Investors Service said it downgraded MetoKote Corp.'s corporate family rating and first-lien senior secured credit facilities to Caa1 from B3.

The probability of default rating was also lowered to Caa2 from Caa1, the agency said.

The company's outlook remained negative.

According to Moody's, the downgrade reflects the company's weakened liquidity position and heightened probability of default as the company is approaching a potential covenant violation under its credit agreement.


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