Fitch cuts some Waterford ratings

Fitch Ratings said it affirmed Waterford Wedgwood plc's issuer default rating (IDR) at CCC and short-term C; a negative outlook is in place for the IDR.

At the same time, the agency has downgraded the senior secured debt rating to B- from B. The Mezzanine notes have been downgraded to CC from CCC-

Waterford continued to exhibit large operating losses in fiscal-year 2006 (ended March 2006) as the markets in which the group operates remained difficult.

Although Fitch expects operating losses to narrow in fiscal-year 2007, the latest restructuring program will likely not be sufficient to restore profitability at Waterford, let alone contribute to generate positive net free cash flow in the foreseeable future, the agency said.

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