Moody's could cut Worthington

Moody's Investors Service said it placed Worthington Industries, Inc.'s Baa2 senior unsecured ratings under review for possible downgrade.

Moody's said the review follows Worthington's recent announcement that it is acquiring Angus Industries for about $180 million.

The transaction will constrain the company's near-term liquidity profile as it will be financed through a combination of borrowings under Worthington's revolving credit facility and proceeds from a $50 million special dividend recently received from the Worthington Armstrong Venture joint venture, Moody's said.

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