Moody's drops Chemtura

Moody's Investors Service said it lowered Chemtura Corp.'s corporate family rating to B2 from B1 and lowered the company's outstanding debt ratings to B2.

Moody's said it also placed the ratings of Chemtura under review for possible downgrade.

These actions are taken following Chemtura's announcement that in light of the change in economic conditions, the company is implementing a new restructuring program to reduce fixed costs, the agency noted.

Chemtura has seen order volumes decline as its customers experience, or anticipate, reductions in demand from the industries they serve, according to Moody's.

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