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Related Issuers
Rating Action:

Moody's changes ratings on 52 manufacturing companies under LGD rating methodology

27 Sep 2006
Moody's changes ratings on 52 manufacturing companies under LGD rating methodology

New York, September 27, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the US manufacturing sector. The US manufacturing sector included 52 companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the US Manufacturing sector. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

Actuant Corporation, Ba2

PDR: Ba2

$250m sr unsec revolver due 2009 , Ba2 --> Ba2, LGD3, 43%

$250m sr term loan due 2009 , Ba2 --> Ba2, LGD3, 43%

Aearo Technologies Inc., B2

PDR: B2

$60m sr 1st lien sec revolver due 2012, B2 --> B1, LGD3, 36%

$340m sr 1st lien sec TLB due 2013, B2 --> B1, LGD3, 36%

$170m sr 2nd lien sec term loan due 2013, Caa1 --> Caa1, LGD5, 86%

AGY Holding Corporation, B2

PDR: B2

$30m sr sec 1st lien bank fac due 2011 (Rev.), B2 --> B1, LGD3, 38%

$135m sr sec 1st lien bank fac due 2012, B2 --> B1, LGD3, 38%

$45m sr sec 2nd lien bank fac due 2013, Caa1 --> Caa1, LGD5, 88%

Alliance Laundry Systems LLC, B1

PDR: B1

$55m sr sec. bank facility due 2011 (Rev.), B1 --> Ba3, LGD3, 32%

$235m sr sec. bank facility due 2012, B1 --> Ba3, LGD3, 32%

$150m 8.5% sr unsec. sub. notes due 2013, B3 --> B3, LGD5, 84%

Altra Industrial Motion, Inc., B2

PDR: B2

$165m 9% sr sec notes due 2011, B3 --> B1, LGD3, 39%

GBP22m ($60m) 11.25% sr unsec notes due 2013, Caa1 --> Caa1, LGD5, 80%

Blount, Inc., Ba3

PDR: Ba3

$150m sr sec revolver due 2009, Ba3 --> Ba1, LGD2, 27%

$150m sr sec term loan due 2010, Ba3 --> Ba1, LGD2, 27%

$175m 8.875% sr sub notes due 2012, B2 --> B2, LGD5, 86%

Cellnet Technology, Inc., B2

PDR: B2

$30m sr sec revolver due 2010, B2 --> B1, LGD3, 36%

$250m sr sec term loan B due 2012, B2 --> B1, LGD3, 36%

$100m sr sec 2nd lien term loan due 2013 , B3 --> Caa1, LGD5, 88%

Chart Industries, Inc., B1

PDR: B1

$115m sr sec revolver due 2010 , B1 --> Ba2, LGD2, 27%

$180m sr sec term loan B due 2012 , B1 --> Ba2, LGD2, 27%

$170m 9.125% sr sub notes due 2015, B3 --> B3, LGD5, 80%

Cinram International Inc., B1

PDR: B2

$675m sr sec term loan, B1 --> B1, LGD 3, 32%

CLFX Corporation , Ba3

PDR: Ba3

$50m revolver due 2008, Ba3 --> Ba1, LGD2, 20%

$125m term loan B due 2011, Ba3 --> Ba1, LGD2, 20%

€27m term loan C, due 2011 , Ba3 --> Ba1, LGD2, 20%

Coleman Cable, Inc., B2

PDR: B2

$120m 9.875% gtd. bonds due 2012, B3 --> B3, LGD 5, 72%

Columbus McKinnon Corporation, B1

PDR: B1

$115m 10% sr sec (2nd lien) notes due 2010, B2 --> Ba2, LGD2, 29%

$136m 8 7/8% sr sub notes due 2013, B3 --> B2, LGD5, 71%

CPI International, Inc., B2

PDR: B2

$80m floating rate notes due 2015, Caa1 --> Caa1, LGD5, 89%

Communications & Power Industries, Inc.

$40m sr sec revolver due 2010, B1 --> Ba2, LGD2, 10%

$90m sr sec term loan due 2010, B1 --> Ba2, LGD2, 10%

$125m 8.0% sr sub notes due 2012, B3 --> B2, LGD4, 52%

Electrical Components International Holdings Company, B1

PDR: B1

$35m sr first-lien sec revolver due 2012 , B1 --> Ba3, LGD3, 36%

$155m sr first-lien sec term loan due 2013 , B1 --> Ba3, LGD3, 36%

$60m second-lien sec term loan due 2014 , B3 --> B3, LGD5, 84%

Elgin National Industries, Inc., Caa2

PDR: Caa2

$85m 11% sr unsec notes due 2007, Caa3 --> Caa3, LGD4, 69%

EnerSys Capital Inc., Ba3

PDR: B1

$100m Revolver due 2009, Ba3 --> Ba2, LGD2, 28%

$357.7m Term Loan B due 2011, Ba3 --> Ba2, LGD2, 28%

ERICO International Corporation, B1

PDR: B1

$141m 8.875% sr sub notes due 2012, B3 --> B2, LGD5, 74%

FastenTech, Inc., B1

PDR: B1

$170m sr sec revolver due 2010, Ba3 --> Ba2, LGD2, 21%

$175m 11.5% sr sub notes due 2011, B3 --> B3, LGD5, 80%

Fedders North America, Inc., Caa1

PDR: Caa1

$155m 9.875% sr sub notes due 2014, Caa3 --> Caa2, LGD5, 73%

Flowserve Corporation, Ba3

PDR: B1

$400m revolver due 2010 , Ba3 --> Ba2, LGD2, 24%

$600m term loan due 2012 , Ba3 --> Ba2, LGD2, 24%

FR X OHMSTEDE ACQUISITIONS CO., B2

PDR: B2

$30m sr sec revolver due 2011, B2 --> B1, LGD3, 38%

$115m sr 1st-lien sec TL B due 2013, B2 --> B1, LGD3, 38%

$50m sr 2nd-lien sec TL due 2014, Caa1 --> Caa1, LGD5, 89%

Gardner Denver, Inc., Ba2

PDR: Ba2

$125m 8% sr sub notes due 2013, B1 --> B1, LGD6, 92%

General Cable Corporation, B1

PDR: B1

$285m 9.5% sr unsec notes due 2010, B2 --> B2, LGD4, 70%

GenTek Inc., B2

PDR: B2

$60m sr sec revolver due 2010, B2 --> B1, LGD3, 34%

$235m sr sec TL B due 2011, B2 --> B1, LGD3, 34%

$135m 2nd-lien TL due 2012, Caa1 --> Caa1, LGD5, 79%

Goodman Global Holdings, Inc. , B1

PDR: B1

$175m sr sec revolver due 2010, B1 --> Ba2, LGD2, 21%

$350m sr sec TLC due 2011, B1 --> Ba2, LGD2, 21%

$250m sr floating rate notes due 2012, B2 --> B1, LGD4, 54%

$400m 7.875% sr sub notes due 2012, B3 --> B3, LGD5, 83%

GREIF, INC., Ba2

PDR: Ba2

$250m 8.875% sr sub notes due 2012, B1 --> Ba3, LGD5, 82%

Icon Health & Fitness, Inc., Caa1

PDR: Caa1

$155m 11.25% sub notes due 2012, Caa3 --> Caa2, LGD5, 80%

Interline Brands, Inc., B1

PDR: B1

$100m sr sec revolver due 2012, Ba3 --> Ba2, LGD2, 29%

$100m sr sec term loan due 2013, Ba3 --> Ba2, LGD2, 29%

$130m sr sec delayed draw term loan due 2013, Ba3 --> Ba2, LGD2, 29%

$200m 8.125% sr sub notes due 2014, B3 --> B3, LGD5, 82%

Intermec, Inc., Ba2

PDR: Ba2

$100m 7% sr unsec notes due 2008, Ba3 --> Ba3, LGD 5, 85%

$400m sr unsec shelf, (P)Ba3 --> (P)Ba3, LGD 5, 85%

$400m subordinate shelf, (P)B1 --> (P)B1, LGD 6 , 97%

$400m preferred shelf, (P)B2 --> (P)B1, LGD 6 , 97%

$400m preferred shelf (P2), (P)B2 --> (P)B1, LGD 6 , 97%

ITRON, INC., Ba3

PDR: Ba3

$55m sr sec revolver due 2009, Ba3 --> Baa3, LGD1, 3%

$125m 7.875% sub notes, due 2012, B2 --> Ba1, LGD2, 25%

Jordan Industries Inc., Caa3

PDR: Caa2

10.375% series B and D sr unsec notes due 2007, Ca --> Ca, LGD5, 89%

11.75% sr sub disc debentures due 2009 , C --> Ca, LGD6, 96%

JII Holdings LLC

13% sr 2nd lien sec bonds, Caa3 --> Caa3, LGD4, 61%

Kaydon Corporation , Ba2

PDR: Ba2

$200m 4% conv sr sub notes due 2023, Ba3 --> Ba3, LGD5, 75%

Kinetek, Inc., Caa1

PDR: Caa1

10.75% sr notes due 2006, Caa3 --> Caa2, LGD4, 66%

Kinetek Industries, Inc.

$15m 5% sr sec notes due 2007, B3 --> B1, LGD2, 10%

$11m 10% sr sec notes due 2007, B3 --> B1, LGD2, 10%

Lennox International Inc., Ba2

PDR: Ba2

$250m sr unsec shelf, (P)Ba3 --> (P)B1, LGD6, 97%

$250m subordinate shelf, (P)B1 --> (P)B1, LGD6, 97%

$250m preferred shelf, (P)B2 --> (P)B1, LGD6, 97%

$250m preferred shelf - PS2, (P)B2 --> (P)B1, LGD6, 97%

Lennox Trust I

$250m preferred shelf, (P)B2 --> (P)B1, LGD6, 97%

Lennox Trust II

$250m preferred shelf, (P)B2 --> (P)B1, LGD6, 97%

MAAX Holdings, Inc., B3

PDR: B2

C$50m bank fac due 2010 (Rev.), B2 --> B2, LGD3, 49%

C$130m bank fac due 2010, B2 --> B2, LGD3, 49%

US$115m bank fac due 2012, B2 --> B2, LGD3, 49%

11.57% sr unsec discount notes due 2013, Caa3 --> Caa1, LGD6, 99%

9.75% sr unsec sub notes due 2012, Caa1 --> Caa1, LGD6, 91%

Mueller Water Products, Inc. B1

PDR: B1

$223m 14.75 sr unsec. disc. notes due 2014, Caa1 --> B3, LGD6, 94%

Mueller Group, Inc.

$145m sr sec. bank facility due 2010 (Rev.), B1 --> Ba3, LGD3, 31%

$1.05b sr sec. bank facility due 2012, B1 --> Ba3, LGD3, 31%

$315m 10% sr unsec. sub. notes due 2012, B3 --> B3, LGD5, 82%

Norcross Safety Products L.L.C., B1

PDR: B1

$50m sr sec revolver due 2010, B1 --> Ba1, LGD2, 17%

$152.8m sr sec term loan due 2012, B1 --> Ba1, LGD2, 17%

$151.6m 9.875% sr sub notes due 2011, B3 --> B2, LGD4, 64%

Safety Products Holdings, Inc.

$134.5m 11.75% sr fixed PIK notes due 2012, Caa1 --> B3, LGD5, 89%

RBS Global, Inc., B2

PDR: B2

$150m revolver due 2012, B1 --> Ba2, LGD2, 20%

$610m term loan facility due 2013, B1 --> Ba2, LGD2, 20%

$485m 9.50% sr notes due 2014, B3 --> B3, LGD4, 66%

$300m 11.75% sr sub notes due 2016, Caa1 --> Caa1, LGD6, 91%

Reddy Ice Holdings, Inc., B1

PDR: B1

$151m 10.5% sr disc. notes due 2012, Caa1 --> B3, LGD5, 89%

Reddy Ice Group, Inc.

$240m sr sec term loan due 2012, B1 --> Ba3, LGD3, 34%

$60m sr sec revolver due 2010, B1 --> Ba3, LGD3, 34%

Revere Industries, LLC, B2

PDR: B2

$25m gtd. first lien revolver due 2010, B2 --> B1, LGD 3, 33%

$107.5m gtd. first lien term loan B due 2011, B2 --> B1, LGD 3, 33%

$60m gtd. second lien term loan , Caa1 --> Caa1, LGD 5, 78%

Roper Industries, Inc. , Ba2

PDR: Ba2

$400m sr sec revolver due 12/13/ 2009, Ba2 --> Ba1, LGD3, 39%

$655m sr sec term loan due 12/13/2009, Ba2 --> Ba1, LGD3, 39%

$230m 3.75% conv sr sub notes due 2034, B1 --> B1, LGD6, 92%

Sensata Technologies B.V., B2

PDR: B2

$150m multicurrency revolver due 2012 , B1 --> B1, LGD3, 32%

$950m TL B & €325m ($400m) TL B due 2013, B1 --> B1, LGD3, 32%

$450m 8% sr notes due 2014 , B2 --> Caa1, LGD5, 81%

€245m ($301.6m) of sr sub notes due 2016 , Caa1 --> Caa1, LGD6, 93%

Sensus Metering Systems Inc. , B2

PDR: B2

$40m sr sec U.S. revolver due 2009, B2 --> Ba3, LGD2, 23%

$200m sr sec U.S. term loan facility due 2010, B2 --> Ba3, LGD2, 23%

$30m sr sec European term loan facility due 2010, B2 --> Ba3, LGD2, 23%

$275m 8.625% sr sub notes due 2013 , Caa1 --> B3, LGD5, 77%

$30m sr sec European revolver due 2009, B2 --> Ba3, LGD2, 23%

SPX Corporation, Ba1

PDR: Ba1

$350m sr revolver due 2010 , Ba1 --> Ba1, LGD4, 53%

$100m global revolver due 2010, Ba1 --> Ba1, LGD4, 53%

$750m sr term loan due 2010, Ba1 --> Ba1, LGD4, 53%

$425m foreign trade facility due 2010, Ba1 --> Ba1, LGD4, 53%

6.25% sr notes due 2011, Ba2 --> Ba2, LGD6, 96%

7.50% sr notes due 2013, Ba2 --> Ba2, LGD6, 96%

Superior Essex Communications LLC, B2

PDR: B2

$257.1m 9.0% sr unsec notes due 2012, B3 --> B3, LGD5, 76%

TFS Acquisition Corporation , B2

PDR: B2

$325m sr sec term loan due 2013, B2 --> B1, LGD3, 35%

$190m sr sec notes due 2016, Caa1 --> Caa1, LGD5, 84%

The Timken Company, Ba1

PDR: Ba1

$300m unsec. medium term notes, Ser. A due 2028, Ba1 --> Ba1, LGD3, 46%

Thermadyne Holdings Corporation, Caa1

PDR: Caa1

$175m 9.25% sr sub notes due 2/1/2014, Caa2 --> Caa2, LGD5, 73%

Trimas Corporation, B2

PDR: B2

$90m sr sec revolving credit facility, B1 --> Ba2, LGD 2, 20%

$60m sr sec synthetic L/C credit facility, B1 --> Ba2, LGD 2, 20%

$260m sr sec term loan B, B1 --> Ba2, LGD 2, 20%

$438m 9.875% subordinated notes, Caa1 --> B3, LGD 5, 75%

Valmont Industries, Inc., Ba2

PDR: Ba2

$150m sr unsec. bank facility due 2009 (Rev.), Ba2 --> Ba1, LGD3, 34%

$75m sr unsec. bank facility due 2014, Ba2 --> Ba1, LGD3, 34%

$150m sr sub. 6.875% Notes due 2014, Ba3 --> Ba3, LGD5, 82%

Wastequip, Inc. , B2

PDR: B2

$40m sr sec revolver due 2010, B2 --> B1, LGD3, 36%

$200m sr sec 1st lien term loan due 2011, B2 --> B1, LGD3, 36%

$100m sr sec 2nd lien term loan due 2012, B3 --> Caa1, LGD5, 86%

Wolverine Tube, Inc., Caa1

PDR: Caa1

7.375% sr unsec. notes due 2008, Caa2 --> Caa2, LGD4, 61%

10.5% sr unsec. notes due 2009, Caa2 --> Caa2, LGD4, 61%

New York
Tom Marshella
Managing Director
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
James E. Reilly
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody's Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001. MOODY'S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. ("MJKK") is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody's SF Japan K.K. ("MSFJ") is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization ("NRSRO"). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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