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S&P lowers AGY
Standard & Poor's said it lowered its ratings on AGY Holding Corp., including its corporate credit rating to CCC+ from B.
The agency said it removed the ratings from CreditWatch with negative implications, where they were placed on Aug. 14, to reflect the weakening operating performance of the company.
The outlook is negative.
"The downgrade follows our ongoing concern on operating performance, including our expectation for very weak credit metrics for 2009, weak liquidity relative to interest payments and operating requirements in 2010, and integration concerns related to the large $72 million acquisition - with a $20 million cash component - of AGY Hong Kong Ltd.," said credit analyst Paul Kurias.
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