Moody's cuts Interpool to B3

Moody's Investors Service cut the senior unsecured debt ratings of Interpool Inc. and its affiliates to B3 from B1 and retained a negative outlook following an independent auditor's review of the company's financial statements for 2000 and 2001 and the delayed filing of full-year 2002 results.

The uncertainty is heightened by other developments, the ratings agency said, including the company's recent news release regarding the resignation of its president and the commencement of an SEC informal investigation into the circumstances surrounding the delayed filing of Interpool's 10-K and restatements of prior-year results.

Princeton, N.J.-based Interpool is a lessor of cargo containers and intermodal container chassis. As of Dec. 31, the company reported assets of $2.2 billion.

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