Moody's lowers Waterford Wedgwood

Moody's Investors Service said it has downgraded Waterford Wedgwood plc corporate family rating to Caa3 from Caa1, the probability of default rating to Ca from Caa2 and the senior subordinated rating on the EUR 166 million notes due in 2010 to Ca from Caa3.

The ratings were also placed under review for further possible downgrade, the agency said, adding that the action reflects the company's decision not to make the semi-annual coupon payment on the subordinated notes.

The ratings downgrades were prompted by Waterford Wedgwood announcement of the decision not to pay the semi-annual coupon on the €166 million subordinated notes that was due on the same date, the agency said.

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