Moody's cuts Teksid Aluminum

Moody's Investors Service said it downgraded Teksid Aluminum's senior implied rating to B2 from B1 and downgraded the company's 11.375% senior notes due 2013 issued by TK Aluminum Luxembourg Sarl SCA to Caa1 from B2.

The outlook is negative.

Moody's said the downgrade was prompted by Teksid's weak operating performance in first quarter 2004 and Moody's concern vis-a-vis the company's financial flexibility given the low level of headroom under the covenants of its senior credit facility.

© 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.