Moody's Downgrades Timken Debt,Company Responds Publicly

Resource from: CBCC Likes:3032

Oct 14,2003

The Timken Company (USA) had a major setback on Wall Street and in its fight to convince investors it is moving in the right direction after the Torrington acquisition. Moody's Investors Service downgraded Timken's senior unsecured debt to Ba1 or "junk" status. It had previously rated Baa3, the lowest investment grade and only one small step above junk. The difference, however, is extremely important in financial circles. It is also the first time in the company's history that its debt has been rated below investment grade. In mid-September, Moody's and Standard & Poor's both revealed the company's debt rating was under review in the wake of Timken's latest downward earnings revision.

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