Moody's rates Wire Rope loan B2

Moody's Investors Service said it assigned a B2 rating to the new $165 million secured first-lien term loan due 2011 offered by Wire Rope Corp. of America Inc. in connection with an acquisition and refinancing. The agency said it also assigned the company a B2 senior implied rating.

The outlook is stable.

The long-term ratings reflect the cyclical nature of the industry, a relatively small and slowly growing market for wire rope products and intense global competition, factors which have led to downsizing and consolidation, the agency said.

Moody's said the ratings are supported by the fundamental cost reductions and efficiency improvements the new management team has achieved during the past two years.

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