Crystal maker gets lower credit rating

LUXURY crystal and china maker Waterford Wedgwood has had its credit rating downgraded by Fitch.

The agency said the downgrade, from CCC+ to CC, reflects the deterioration in financial performance in recent months and Fitch’s expectation that results are unlikely to improve in the next 18 months.

“Though Waterford has achieved its targeted working capital improvements, this has been offset by the negative impact of currency movements and the weaker-than-expected results at the start of 2005.”