Moody's cuts Xignux ratings

Moody's Investor Services said it has downgraded Xignux's debt ratings, including its senior implied rating to B2 from B1, the $126 million outstanding amount of senior unsecured notes due 2004 to B3 from B2 and senior unsecured issuer rating to Caa1 from B3.

Moody's also initiated a review of the ratings for possible further downgrade.

The rating actions consider that despite recent improvements in operating conditions, the company's debt protection measures remain weak with limited free cash flow available for debt reduction, while refinancing risk is high.

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