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Moody's downgrades PPG
Moody's Investors Service said it downgraded PPG Industries' senior unsecured ratings to A3 from A2 and the company's short-term ratings to Prime-2 from Prime-1.
Moody's said the downgrades are a result of the company's acquisition of SigmaKalon Group in a debt-financed acquisition worth $3.2 billion.
The outlook is stable.
The actions conclude the review for downgrade that began on July 19.
On a 2006 fiscal pro forma basis, the company's debt-to-EBITDA ratio is expected to grow to about 2.8 times.
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