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Moody's drops Stanadyne to Caa1
Moody's Investors Service said it downgraded the corporate family rating of Stanadyne Holdings, Inc. to Caa1 from B3 and its senior discount notes to Caa3 (LGD5, 88%) from Caa2 (LGD6, 90%), the senior subordinated notes of subsidiary Stanadyne Corp. to Caa1 (LGD4, 51%) from B3 (LGD4, 56%) and Stanadyne Corp.'s senior secured bank credit facilities to B1 (LGD1, 2%) from Ba3 (LGD1, 3%).
The speculative grade liquidity rating to SGL-3 from SGL-2.
The outlook is negative.
Moody's said the downgrade of corporate family rating to Caa1 reflects expectation that Stanadyne's operating performance will deteriorate substantially during 2009 as a result of weakening demand for its diesel fuel injection products from all its end markets.
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