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Moody's drops Rain CII, notes
Moody's Investors Service said it downgraded Rain CII Carbon's corporate family rating to B2 from B1 and probability of default ratings to B2-PD from B1-PD.
At the same time the agency downgraded the senior secured debt ratings on Rain CII and CII Carbon Corp.'s (as co-issuers) 8% senior secured notes due 2018 to B2 from B1, and downgraded the ratings on Rain CII and CII Carbon Corp's (as co-issuers, assumed the debt obligations of Rain Escrow Corp upon completion of the acquisition of Ruetgers) 8¼% senior secured notes and the 8½% senior secured notes due 2021 to B2 from B1.
The outlook is stable.
The downgrade of Rain CII's corporate family rating to B2 reflects Moody's view that the company's operating performance will continue to fall behind the agency's original assumption at the time of the acquisition of Ruetgers over the next 12 to 18 months as conditions in the aluminum market, the preponderance of revenue exposure, remain challenged.
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