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Moody's drops WII Components
Moody's Investors Service said it has downgraded the corporate family rating and probability of default rating for WII Components Inc. to Caa1 from B2 and the ratings on its senior unsecured notes due 2012 to B3 from B1 as a result of its declining operating performance and a weakened liquidity profile.
The outlook remains negative.
According to the agency, the rating downgrade reflects WII's ongoing earnings deterioration, challenging end market conditions and the resulting impact on cash flow generation, leverage and interest coverage metrics.
Further, Moody's said it believes that the continued deterioration of credit protection metrics will pressure covenant compliance over the near term as the precipitous drop in demand weighs on both sales and margins.
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