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Moody's Investors Services, the credit-rating firm, has downgraded Ferro's senior unsecured debt from B1 to Ba1 because of continued delays by the Cleveland-based company in issuing audited financial statements. In addition, Moody's will withdraw Ferro's ratings altogether. According to Moody's, the withdrawal relates to the sustained absence of audited financial statements and the concern that there may be additional delays in 2005 statements. In mid-2004, Ferro disclosed inappropriate accounting entries in its polymer additives business and said it would delay its financial reports. The company completed two reviews, but it has yet to complete a restatement of its financial results for 2003 or issue audited statements for 2004 and 2005. "We are surprised and disappointed in the action taken by Moody's," Ferro CEO James F. Kirsch says. He says the company continues to expect to complete and file its 2004 annual report by March 31. Ferro expects to have access to financing to fund its operations, although its borrowing costs are likely to increase as a result of the rating action.
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