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Moody's confirms New Reclamation
Moody's Investors Service said it confirmed New Reclamation Group's Caa2 corporate family and probability of default ratings, along with the Caa2 (LGD 3, 44% changed from LGD 4, 50%) rating on its guaranteed €152.9 million senior secured notes due 2013.
The outlook is negative.
The confirmation concludes a review for possible downgrade that began in December 2010, Moody's said.
The review was mainly prompted by increased liquidity concerns, the agency said.
The confirmation reflects the confirmed extension of the company's revolving credit facility and improvements in the company's core non-ferrous and ferrous recycling business, Moody's said.
This addresses the immediate liquidity concerns, the agency said.
The negative outlook is still based on the company's ongoing liquidity concerns, especially as it relates to the potential refinancing risk for its senior secured note maturity in 2013, Moody's added.
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