PolyOne, Cleveland, OH, intends to close its Engineered Films plant in Yerington, NV, by the end of the second quarter if the company is unable to quickly sell the facility as an ongoing operation. (Corporate, Financial News).PolyOne, Cleveland Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and , OH, intends to close its Engineered Films plant in Yerington, NV, by the end of the second quarter if the company is unable to quickly sell the facility as an ongoing operation. The Yerington plant employs approximately 85 people. Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. downgraded the senior debt of PolyOne to B2 from Ba3. A provision of the company's current receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed sale facility specifies that with notice, the facility can be terminated if PolyOne's senior debt is rated below BB- by Standard & Poor's or below Ba3 by Moody's Moody's Corporation (NYSE: MCO) is the holding company for Moody's Investors Service which performs financial research and analysis on commercial and government entities. The company also ranks the credit-worthiness of borrowers using a standardized ratings scale. . PolyOne has begun negotiations to replace the existing receivables sale facility with a new facility that would have no debt ratings trigger. |
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