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Moody's drops Schoeller Arca to Caa1
Moody's Investors Service said it downgraded the corporate family rating of Schoeller Arca Systems Holding BV to Caa1 from B3 and on the term loans A1 and B1 and on the revolving credit facility to B3 from B2.
The probability-of-default and term loan ratings remained unchanged at Caa1 and Caa3, respectively.
The outlook is negative.
"Today's rating action reflects Moody's concerns about Schoeller Arca's operating underperformance in the first six months of 2010 combined with its already weak liquidity position," Tanya Savkin, a Moody's analyst, said in a statement.
The action also mirrors further deterioration in the company's liquidity position as a result of high working capital requirements, the agency said.
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