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Waterford Wedgwood: credit ratings downgraded

The ratings review of Waterford Wedgwood plc begun by Moody“s Investors Service on 3 June 2004 ended with the credit ratings of the luxury crystal and porcelain producer being downgraded on 2 Septemb…

The ratings review of Waterford Wedgwood plc begun by Moody“s Investors Service on 3 June 2004 ended with the credit ratings of the luxury crystal and porcelain producer being downgraded on 2 September 2004. The outlook on all ratings is negative. The senior implied rating was downgraded from B1 to B3, the unsecured issuer rating was downgraded from B3 to Caa2, and the EUR 166.0 million in 9.875% mezzanine notes due 2010 was downgraded from B3 to Caa2 Moody“s said the move reflected Waterford Wedgwood“s disappointing financial performance since the initial ratings assignment in November 2003. The ratings service noted that problems generating cash flow will make it harder for Waterford Wedgwood to service its debt obligations in the future.

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