Moody's lowers Zlomrex

Moody's Investors Service said it downgraded the B3 corporate family rating of Zlomrex and the Caa2 senior secured rating of Zlomrex International Finance to Caa1 and Caa3 respectively.

The outlook is stable.

The rating action was prompted by higher than expected leverage per year-end 2007 and the continued aggressive business model in terms of refinancing where the company's operations are dependent upon frequent renewals of short term lines of credits, the agency said.

Moody's noted that the stable outlook reflects nonetheless the assumption that Zlomrex is more likely than not to continue to be successful in extending these facilities as they expire in 2008.

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