Moody's may up IMCO

Moody's Investors Service said it confirmed the ratings of Commonwealth Industries (B1 senior implied) and continued to keep the ratings of IMCO Recycling (B2 senior implied) under review for possible upgrade.

Moody's confirmed Commonwealth's B1 senior implied rating, B3 rating on $125 million 10¾% senior subordinated notes due 2006 and its B2 issuer rating. Under review are Imco Recycling's B2 senior implied rating, B3 rating on $210 million 10 3/8% guaranteed senior secured notes due 2010 and Caa1 issuer rating.

Moody's said the confirmation of Commonwealth's ratings reflects the company's improving operating profile as evidenced by increased shipments and strengthening prices as it works through and replaces prior sales agreements, which have negatively impacted profitability.

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