Moody’s cuts International Wire, debt

Moody's Investors Service said it downgraded the ratings for International Wire Group Holdings, Inc. and its subsidiary International Wire Group, Inc., including the corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD and senior secured debt rating to Caa1 from B3.

In a related action, the agency assigned a corporate family rating of B3 and probability of default rating of B3-PD to International Wire Group, Inc., the rated debt issuer, and will subsequently withdraw the former B3 corporate family rating and B3-PD probability of default rating for International Wire Group Holdings, Inc.

The outlook is negative.

Moody’s said the actions reflect prolonged weakness in International Wire's major end markets, including automotive and energy related industries, and expectations of persistent ensuing headwinds related to a weakening liquidity profile and diminished cash flows over time as topline declines fail to reverse and key credit metrics remain weak.

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