Moody's cuts Remy International

Moody's Investors Service said it downgraded Remy International's $125 million guaranteed second-priority senior secured floating-rate notes due April 2009 to B2 from B1; $145 million 8.625% guaranteed senior unsecured notes due December 2007 to B3 from B2; $150 million guaranteed senior unsecured subordinated notes due April 2012 to Caa1 from B3; and $165 million 11% guaranteed senior subordinated global notes due May 2009 to Caa1 from B3.

Moody's also lowered the company's senior implied rating to B2 from B1 and confirmed the senior unsecured issuer rating at B3.

Moody's said the rating actions incorporate Remy International's persistently high debt and leverage levels, in combination with the company's proposed use of cash plus revolving credit availability to finance the acquisition of substantially all of the assets and the assumption of certain liabilities of Unit Parts Co.

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