Moody's drops American Safety to Caa1

Moody's Investors Service said it downgraded American Safety Razor Co.'s corporate family and probability-of-default ratings to Caa1 from B2, first-lien senior secured credit facilities to B3 (LGD3, 36%) from B1 (LGD3, 36%) and second-lien term loan to Caa1 (LGD4, 55%) from B3 (LGD4, 58%).

The outlook remains negative.

The downgrade reflects the issues of near-term liquidity and a longer-term view of fundamentals, accprding to the agency.

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