Moody's upgrades Shiloh, rates loan Ba3

Moody's Investors Service said it upgraded the ratings of Shiloh Industries Inc. in response to the company's continued strong cash flow generation and corresponding debt reduction. Ratings upgraded include the existing credit facilities to Ba3 from B1, the senior implied rating to Ba3 from B1, and the senior unsecured issuer rating to B1 from B2.

Moody's also assigned Ba3 ratings to Shiloh's proposed $175 million guaranteed senior secured credit facilities which will refinance the existing credit agreement. The facilities include a $125 million revolver due January 2010 and a $50 million term loan due January 2010.

Moody's said the rating upgrades reflect Shiloh's steady pace of debt and leverage reduction which was realized in the midst of generally difficult industry conditions which have plagued most North American automotive suppliers over the past year.

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