Waterford Wedgwood: ratings withdrawn on failure to pay coupon

Moody“s Investors Service withdrew the ratings of luxury crystal and chinaware manufacturer Waterford Wedgwood plc on 13 January 2009. The withdrawl of the company“s ratings followed its failure to …

Moody“s Investors Service withdrew the ratings of luxury crystal and chinaware manufacturer Waterford Wedgwood plc on 13 January 2009. The withdrawl of the company“s ratings followed its failure to pay the coupon on the EUR 166 million senior subordinated notes and the filing for receivership on 5 January 2008. The following ratings are withdrawn: Corporate family rating (CFR) at Ca; Probability of default rating (PDR) at D; Senior subordinated rating at C (LGD5, 77%). The last rating action on Waterford Wedgwood was on 5 January 2009, when Moody“s downgraded Waterford Wedgwood plc“s Probability of Default Rating (PDR) to D from Ca, the Corporate Family Rating (CFR) to Ca from Caa3 and the senior subordinated rating on its EUR 166 million notes due in 2010 to C from Ca.