Moody's cuts Horsehead CFR

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Horsehead Holding Corp. to B3 and B3-PD from B2 and B2-PD, respectively.

The B2 senior secured note rating was affirmed.

The company's speculative grade liquidity rating was lowered to SGL-3 from SGL-2.

Moody's said the downgrade to a B3 corporate family rating reflects the fact that Horsehead's financial performance, debt protection metrics and liquidity profile are trending below the original expectations and face potential further deterioration given the weak zinc and nickel price environment, and softening global macro-economic environment.

© 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.