Moody’s lowers Ferro liquidity

Moody's Investors Service said it lowered Ferro Corp.’s speculative grade liquidity rating to SGL-3 from SGL-2 due to increased reliance on its revolving facility to support its acquisitive growth strategy, partial paydown of its term loan and potential increase in precious metals leases in a rising price environment.

The company's existing ratings, including the Ba3 corporate family rating, Ba3-PD probability of default rating and Ba3 term loan and revolver ratings are unchanged.

The outlook remains stable.

© 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.