Moody's Cuts Oglebay Norton Ratings;
Says Outlook Remains Negative

photo-4 NEW YORK - Financial ratings and investment services company Moody's has cut the ratings outlook for Oglebay Norton, citing the growing number of silica and asbestos claims pending against the company.

Moody's announced its downgrade in a release issued on Nov. 25, saying it felt the move was necessary to reflect additional uncertainties raised by a large number of unsettled silica and asbestos claims and the unpredictable nature of such litigation.

The ratings service also said Oglebay Norton is facing operating challenges independent of its tort liabilities that affect its overall financial rating.

In a quarterly report Oglebay Norton …