Moody's: Exide view to stable

Moody's Investors Service said it affirmed the corporate family and probability of default ratings of Exide Technologies at B3, along with the B2 rating on its $675 million of senior secured notes due 2018.

The agency also assigned a speculative-grade liquidity rating of SGL-3.

The outlook was changed to stable from positive.

The ratings reflect the company's leveraged profile, cyclical industry characteristics and raw material pricing pressure, Moody's said.

These challenges are balanced by the company's business focus on the more stable automotive aftermarket replacement battery market, which represents about 80% of Exide's transportation revenues, the agency said.

The stable outlook reflects an expectation that despite the above challenges, Exide will continue to maintain its market position for automotive and industrial batteries, Moody's said.

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