Moody’s rates CMC di Ravenna notes B2

Moody's Investors Service said it assigned a B2 instrument rating to Cooperativa Muratori & Cementisti CMC di Ravenna's proposed €325 million senior unsecured notes due 2023.

All other ratings, including the B2 corporate family rating and the B2 instrument rating on the €250 million senior unsecured notes due 2022, as well as the stable outlook, are unchanged.

The new €325 million notes will rank pari passu with the group's existing €250 million senior unsecured notes, issued in July 2017 and due 2022, and the €165 million senior unsecured revolving credit facility maturing 2019, both issued by the same entity.

The assigned B2 rating on the new notes is therefore in line with CMC di Ravenna’s B2 corporate family rating and B2-PD probability of default rating, based on a 50% family recovery rate, Moody’s explained.

© 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.