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Moody's lifts Rockwood view to stable
Moody's Investors Service said it changed Rockwood Specialties Group, Inc.'s outlook to stable from negative and affirmed the B1 corporate family rating.
The change in outlook reflects the stable operating performance and the modest debt repayment since the acquisitions of Dynamite Nobel in mid-2004 and incorporates Moody's anticipation that major additional debt-financed acquisitions are unlikely, that Rockwood's remaining business lines will generate cash flow that is positive and improving relative to existing debt levels and that a portion of the asset sale proceeds garnered from the proposed sale of its Groupe Novasep subsidiary are likely to be used for debt reduction.
The agency said the B1 rating is supported by Rockwood's size, various leading market positions and diversity of products, end markets and customer base. Additionally, Moody's recognizes that management is actively taking steps to remediate the material weaknesses in its internal control over financial reporting relating to 2004, which were disclosed in its 10-K annual report for 2005.
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