Moody's cuts Tensar to Caa2

Moody's Investors Service said it downgraded the corporate family and probability-of-default ratings for TCO Funding Corp., a wholly owned finance subsidiary of Tensar Corp., to Caa2 from B3 and the ratings on its revolving credit facility due 2010 and first lien term loan due 2012 to B3 (LGD2, 25%) from B1 (LGD2, 26%).

The outlook remains negative.

Moody's said the downgrade reflects Tensar's challenging end-market conditions, declining revenues and backlog, and highly leveraged balance sheet.

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