Moody's cuts Ozburn-Hessey outlook to negative

Moody's Investors Service said it changed the outlook of Ozburn-Hessey Holding Co., LLC to negative from stable and affirmed the B3 corporate family and probability of default ratings.

The negative outlook reflects the near-term expiration of the company's $40 million revolving credit line, high leverage and expectation of soft volumes into 2010, which could continue to drive net losses.

The B3 corporate family rating affirmation reflects proactive steps the company has taken to reduce fixed costs.

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