Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Aleris International Inc. > News item |
Moody's may cut Aleris
Moody's Investors Service said it placed the debt ratings of Aleris International Inc. under review for possible downgrade.
The agency said this action follows the company's announcement that it has entered into a non-binding letter of intent to acquire the downstream aluminum rolled products and extrusion businesses of Corus Group plc for €700 million and assume roughly €28 million in debt as well as certain other liabilities.
Affected ratings include the B1 corporate family rating, B2 senior secured $210 million 10.375% notes due 2010 rating and B3 senior unsecured $125 million 9% notes due 2014.
Moody's said its review will focus on the business footprint of the businesses to be acquired, the value they bring to Aleris, the earnings and cash flow generation capacity of Aleris on its expanded asset base and integration challenges or issues.
© 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.