Dan River ratings knocked again

November 2003
Home Textiles Today;11/3/2003, Vol. 25 Issue 10, p17
Trade Publication
Moody's Investor Service has downgraded the credit rating of house furnishings company, Dan River Inc. after the company's third-quarter 2003 sales fell by 30 percent. The sales triggered a violation of restrictive debt covenants that require that cash flow exceed interest expense by a specific ratio. Moody's said that the downgrade reflects its concern that the company will need to execute a financial restructuring in the near term barring any unanticipated increase in revenues and cash generation. Moody's also said that the downgrade reflects its concern with the company's vulnerability to negative systemic problems outside the company's control such as domestic over-capacity in textile production and increased foreign competition.


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