Moody's cuts Collins & Aikman Floorcoverings

Moody's Investors Service downgraded the long-term debt ratings of Collins & Aikman Floorcoverings Inc.

Moody's downgraded Collins & Aikman Floorcoverings' $50 million guaranteed senior secured revolving credit facility due 2007 to B1 from Ba3, $31 million guaranteed senior secured term loan due 2008 to B1 from Ba3, $175 million issue of 9.75% guaranteed senior subordinated notes due 2010 to Caa1 from B2, senior implied rating to B2 from Ba3 and senior unsecured issuer rating to B3 from B1.

The outlook is stable.

Moody's said the downgrade reflects the company's weak cash generation and earnings.

© 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.