Moody's cuts Intermet

Moody's Investors Service said it downgraded the ratings of Intermet Corp. following the company's unanticipated announcement that third quarter results are now estimated to fall considerably short of prior expectations.

Moody's downgraded Intermet's $210 million of guaranteed senior secured credit facilities to Caa1 from B1, $175 million of 9¾% guaranteed senior unsecured notes due June 2009 to Caa3 from B2, senior implied rating to Caa1 from B1 and its senior unsecured issuer rating to Caa3 from B2.

Moody's said the multiple-notch rating downgrades and continued negative outlook reflect that Intermet's sharply declining operating earnings have led to an unusually rapid decline in the company's liquidity and credit metrics.

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