Moody’s gives KME, notes B3

Moody's Investors Service said it assigned a B3 long-term corporate family rating to KME AG, a B3 rating to the proposed backed €300 million senior secured notes due 2023 with a loss-given default of LGD3 and a probability of default rating of B3-PD.

The outlook is positive.

"The assigned B3 CFR with a positive outlook balances the company's very high initial leverage, relatively small-scale operations with limited geographic diversification and limited track record of structurally improved operating profitability,” Dirk Steinicke, Moody's lead analyst for KME, said in a news release.

“This is following its recently finalized reorganization which, nevertheless, should support continued improvements in operating profitability in addition to positive exposure to supportive end-user industry trends.”

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