Moody's affirms Ferro

Moody's Investors Service said it affirmed the long-term debt ratings of Ferro Corp.

The agency noted that the affirmation reflects the proposed refinancing.

If the refinancing plans proceed as suggested the senior unsecured notes would likely be rated B2. Moody's said it will monitor the refinancing plans and provide more guidance as details are announced and the plan is executed.

The outlook is positive.

"We expect Ferro's performance in the next four quarters to continue to improve over 2009, supporting the positive outlook and fostering improved credit metrics and liquidity," said Bill Reed, Moody's vice president.

Ferro's B1 corporate family rating incorporates the expectation that leverage will remain close to 3.0x over the next 12 months, pro forma for the announced refinancing, and that cash flow metrics will remain weaker than its leverage metric would imply due to on-going restructuring actions to improve profitability, the agency said.

© 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.