Moody's cuts Pittsburgh Glass notes

Moody's Investors Service said it lowered the ratings of Pittsburgh Glass Works, LLC's corporate family and probability of default ratings to B3 and B3-PD from B2 and B2-PD, respectively.

In a related action, Moody's lowered the rating of the $325 million senior secured note to B3 from B2.

The outlook is stable.

Pittsburgh Glass's management expects that start up costs related to the Poland facility to materially fall off over the near-term as production volumes increase.

However, Moody's said it believes that weak aftermarket demand will continue to pressure revenue growth in the ARG segment. In addition weak macroeconomic conditions in Europe may pressure the company's regional growth expectations.

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