Moody's cuts Reichhold

Moody's Investors Service said it downgraded Reichhold Industries, Inc.'s corporate family and probability-of-default ratings to B2 from B1 and its $195 million senior unsecured notes due 2014 to B3 (LGD5, 71%) from B2 (LGD4, 61%). The action concludes the review that began on Dec. 10.

The outlook is negative.

Moody's said the downgrade reflects expectations that the difficult market conditions faced by the company in many of its key end markets and the global economic slowdown will continue to result in depressed sales volumes and profitability for Reichhold throughout 2009.

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