Moody's may cut Edwards

Moody's Investors Service said it placed the B1 corporate family rating for Edwards Group Ltd., the Ba1 rating for Edwards (Cayman Island II) Ltd.'s $100 million super-priority revolver, the B1 rating for the company's $370 million first-lien term loan and the B3 rating for the $245 million second-lien PIK toggle loan under review for possible downgrade.

Oliver Giani, senior analyst at Moody's, said: "In the fourth quarter of 2008, Edwards was impacted by the cyclical downturn of the semiconductor industry.

"Total net sales fell behind projections provided at the beginning of the year 2008."

"However, the decision to put the ratings under review for possible downgrade was triggered by indications that the global recession impacts all of Edwards end markets and that it will - together with the continuing cyclical downturn of the semiconductor industry - increasingly affect Edwards," he added.

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