Moody's downgrades Nobel Bidco

Moody's Investors Service said it downgraded Nobel Bidco BV's (Philips Domestic Appliances) to B2 from B1 the ratings on the €1.05 billion senior secured term loan B due 2028, the €650 million senior secured notes due 2028, and the €250 million senior secured revolving credit facility due 2027.

The agency also affirmed the corporate family rating to B2 from B1 and its probability of default rating to B2-PD from B1-PD.

"The downgrade reflects our view that persistent inflationary pressures and reduced consumer disposable income, combined with the negative impact from foreign currency volatility and higher than expected carve-out costs will result in a higher than expected deterioration in Nobel's credit metrics over the next 12 to 18 months," said Pilar Anduiza, Moody's lead analyst for Nobel, in a press release.

The outlook remains negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.