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Moody's may cut JohnsonDiversey
Moody's Investors Service said it placed the ratings of JohnsonDiversey Inc. and its parent JohnsonDiversey Holdings Inc. on review for possible downgrade.
On review are JohnsonDiversey Holdings' B3 rated $406.3 million 10.67% senior discount notes due 2013 and JohnsonDiversey's Ba3 senior implied rating and B2 rated $300 million senior subordinated notes due 2012 and €225 million senior subordinated notes due 2012.
The action was taken primarily because Moody's said it believes free cash flow for 2005 and 2006 will be weaker than originally forecast when the ratings were assigned in April 2002 and because of the limited reduction of debt over the past three years.
Moody's said its review will focus on JohnsonDiversey's prospects to improve operating margins and cash generation.
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