Moody's: Firth Rixson view negative

Moody's Investors Service said it affirmed the B3 corporate family rating and all other ratings of JFB Firth Rixson, Inc. and changed the rating outlook to negative from stable.

Moody's said the negative outlook incorporates the challenging combination of high financial leverage, the internal cash flow deficit expected, limited liquidity and the expectation for only gradual improvement in end market demand for the company's products over the near-term. Although the likelihood of a financial covenant breach will diminish with the amendment, use of the revolving credit facility could become high if performance does not improve in FY2014.

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