Moody's rates Eco-Bat notes B1

Moody's Investors Service said it assigned a prospective B1 rating to the proposed €65 million issuance of senior notes due 2013 by Eco-Bat Finance plc, a subsidiary of Eco-Bat Technologies Ltd.

Concurrently, Moody's has affirmed Eco-Bat's B1 senior implied and B3 unsecured issuer rating as well as the B1 rating on its existing €165 million 10.125% senior notes due 2013 at Eco-Bat Finance plc. The outlook is stable.

Moody's said the ratings affirmation reflects Moody's view that the company's liquidity remains satisfactory (albeit that the company's free cash flow generation in 2003 was below expectations due to the weak LME lead price in the first three quarters of the year) and will further improve following the proposed senior notes issuance and that the recent improvements in market conditions should result in a significant increase in free cash flow during the second half of 2004.

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