Moody's rates Oglebay Norton, loan B1

Moody's Investors Service said it assigned B1 ratings to Oglebay Norton Co.'s proposed senior secured revolving credit facility and term loans, a B1 corporate family rating and a stable outlook.

Moody's said its ratings reflect a fairly negative opinion regarding the sustainability of Oglebay's earnings and cash flow over a full economic cycle, offset by our belief that its operations and high quality mineral reserves have realizable value comfortably greater than its pro forma debt.

Over the next 12 months, Moody's said it said it said it said it said it said it said it said it said it said it said it said it expects Oglebay to be cash flow positive excluding capital expenditures.

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