Moody's may lower MetoKote

Moody's Investors Service said it placed all ratings of MetoKote Corp. on review for possible downgrade after the company breached its leverage financial covenant at the end of the third quarter ended July 31.

Ratings on review for downgrade include the corporate family rating of Caa1, the probability of default rating of Caa2 and the first-lien senior secured credit facilities rating of Caa1.

Moody's said its review will focus on assessing the company's ability to secure a timely cure of the covenant, as well as its plan to enhance its operating performance and liquidity in the intermediate term.

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