Moody's confirms Luxfer

Moody's Investors Service said it confirmed all ratings of Luxfer Holdings plc with a stable outlook, including the B2 corporate family rating, B3 probability-of-default rating and Caa1 £72 million bonds due 2012.

This completes the review for possible downgrade that began on Jan. 21.

The confirmation follows the company's announcement that it has successfully refinanced its bank facility, which was due to mature in April, with a new two-year facility. The agency said Luxfer has also announced a solid set of 2008 results and concluded its strategic review with no immediate action to be taken.

Although the successful refinancing removes the immediate pressures on Luxfer's ratings, Moody's said the company's liquidity is relatively tight and remains exposed to reduced cash flow arising from deteriorating operating performance, working capital variations and changes to availability under the new bank facility depending on valuation of the underlying assets.

© 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.