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Moody's rates Reichhold notes B2
Moody's Investors Service said it assigned a B1 corporate family rating to Reichhold Industries, Inc. and a B2 rating to its $195 million senior unsecured notes due 2014.
A stable outlook was also assigned and reflects Moody's expectation that Reichhold will be able to continue to improve its profitability from the prior year's levels and generate free cash flow that will be applied toward debt reduction.
Moody's said the ratings recognize Reichhold's recent low profitability and lack of free cash-flow generation in recent years, but incorporate the expectation that the company will continue to improve its performance and generate financial metrics supportive of its rating.
Additionally, Moody's said the ratings reflect the cyclical nature of Reichhold's business, exposure to volatile energy and raw material prices and significant environmental remediation obligations and asbestos exposure.
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