Moody's eyes Gopher for downgrade

Moody's Investors Service said it placed Gopher Resource, LLC’s ratings on review for downgrade, including the B2 corporate family rating and the B2 senior secured rating.

“The rating review follows the start of an investigation by regulators into operating conditions at Gopher's Tampa facility (that recycles lead batteries) amid pressure from public policymakers for an accelerated review into alleged worker exposure to excess levels of lead/toxins, and the degree to which the outcome could result in adverse changes to Gopher's credit profile. Social risk was a driver in this rating action as the investigation is around worker safety in the plant,” Moody’s said in a press release.

The agency said a downgrade could be more than one notch, and it anticipates addressing this rating review within about two months.

© 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.