Moody’s lowers Molycorp, debt

Moody's Investors Service said it downgraded Molycorp, Inc.’s corporate family rating to Ca from Caa2, probability of default rating to Ca-PD from Caa2-PD and the rating on its senior secured debt to Caa3 from B3.

The speculative grade liquidity rating was affirmed at SGL-4.

The outlook is negative.

Moody’s said the action follows Molycorp’s announcement that it elected to take advantage of the 30-day grace period with respect to the $32.5 million semi-annual interest payment due June 1 on its senior secured notes. The company said that it intends to use the grace period to continue to evaluate different options to restructure its capital structure.

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