Moody's cuts Radnor notes

Moody's Investors Service downgraded the ratings of Radnor Holdings Corp., including its $70 million floating-rate senior secured notes due 2009 to Caa1 from B3, its $135 million of 11% senior unsecured notes due 2010 to Caa3 from Caa1, its senior implied rating to Caa1 from B3 and its senior unsecured issuer rating to Ca from Caa2.

Moody's said the downgrade is due to lingering concern regarding the prolonged depression of the company's financial and operating performance. The downgrade also reflects Moody's view of run rate financials, which are likely to remain weak relative to the company's sizable obligations.

The outlook remains negative.

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