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Moody’s lowers Optima Specialty to Caa1
Moody's Investors Service said it downgraded Optima Specialty Steel, Inc.'s corporate family rating to Caa1 from B2, probability of default rating to Caa1-PD from B2-PD and senior secured note rating to Caa1 from B2.
The outlook is stable.
Moody’s said the downgrade reflects the recent substantial deterioration in Optima's operating results and credit metrics and the expectation they will remain weak over the next 12 to 18 months. It also reflects the company's weak liquidity position and its looming debt maturities.
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