S&P, Moody's cite range of factors for Wise Metals ratings downgrade
Aug 22, 2005 | 11:53 AM
| Paul Schaffer
Wise Metals Group LLC, the can stock maker headquartered in Linthicum, Md., has been hit with ratings downgrades by both Standard & Poor's and Moody's Investors Service.
One issue cited by the ratings services was a larger-than-expected borrowing increase.
The rise in aluminum prices between 2004 and 2005 contributed to a 31-percent increase in working capital invested in inventory-to $219 million from $167 million on a first-in, first-out accounting basis-in the year ended June 30, treasurer Ken Stastny noted earlier this month. The cost of financing receivables also rose in line with aluminum prices, said Stastny, who wasn't available Monday to comment on the ratings cuts.....
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