Moody's still may cut Milacron

Moody's Investors Service said it kept all remaining ratings for Milacron Inc. and its subsidiaries on review for possible downgrade following the company's completion of the first phase of a partial recapitalization. Moody's could not conclude the review action at this time due to the uncertainty remaining regarding whether the next phase planned for Milacron's recapitalization program can actually occur.

The following ratings remain on review for possible downgrade: the Caa2 rating of Milacron Capital Holdings BV's €115 million 7.625% senior unsecured eurobonds (guaranteed by Milacron) due April 2005; the Caa1 senior implied rating; and the Caa2 senior unsecured issuer rating.

Moody's said it expects to conclude the review for possible downgrade of Milacron's ratings following resolution of the pending shareholder votes critical to execution of the next phase of the recapitalization transaction. This is expected to occur no later than July 29, 2004.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.