Moody's gives FastenTech loan Ba3

Moody's Investors Service said it assigned a Ba3 rating to FastenTech Inc.'s new $175 million senior secured credit facility due 2010 and affirmed other existing ratings.

The outlook is stable.

The affirmed ratings include FastenTech's $175 million of senior subordinated notes due 2011 at B3, its B1 senior implied rating and its B2 senior unsecured issuer rating.

The ratings are supported by the company's strong position in a number of niche specialty fastener end-markets, relatively stable financial performance, increasing end-market diversification and substantially reduced exposure to the automotive markets, Moody's added.

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