Moody's drops Sterling Chemicals

Moody's Investors Service said it downgraded Sterling Chemicals, Inc.'s corporate family rating, probability of default rating and $150 million senior secured notes due 2015 rating to B3(LGD3 38%) from B2.

The outlook is negative.

The ratings the company's continuing operating losses, declining revenues since 2006 and management's timing, size and pace of acquisitions, Moody's said.

The rating for the notes reflect both the overall probability of default and an average mean family loss given default assessment of 50%, the agency said. However, there is the potential for modest carve outs of this security package going forward.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.