Moody's may lower Rockwood

Moody's Investors Service said it placed the ratings of Rockwood Specialties Group Inc. on review for possible downgrade.

The review is prompted by the company's announced plan to acquire certain specialty chemical businesses of Dynamit Nobel from MG Technologies (rated Ba1 senior implied), a European chemical company at a cost of about €2 billion, excluding pension liabilities. The transaction will be financed by a combination of debt and new equity.

Ratings placed on review for possible downgrade include Rockwood Specialties Group Inc.'s $375 million guaranteed senior subordinated notes due 2011 at B3, guaranteed senior secured revolving credit facility due 2009 at B1, guaranteed senior secured term loan A due 2009 at B1, guaranteed senior secured term loan B due 2010 at B1, senior implied rating of B1, and issuer rating of B2.

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