Moody’s pares Pfleiderer

Moody’s Investors Service said it lowered its ratings for PCF GmbH’s (Pfleiderer) €750 million sustainability-linked senior secured notes to B3 from B2, its corporate family rating to B3 from B2 and its probability of default rating to B3-PD from B2-PD.

The agency said it forecasts that credit metrics will weaken in 2024, including Moody's adjusted gross debt/EBITDA of around 7x, up from around 6x expected in 2023 and 5.5x in 2022.

“This deterioration in credit metrics will be driven by weak demand for furniture and construction activities, and the absence of profit from the sale of electricity from the German CHP plants next year,” Moody’s said in a press release.

However, credit metrics are expected to improve in 2025 with adjusted gross debt/EBITDA of narrowing to 6.5x, in line with the expectations for the B3 rating, Moody’s said.

The outlook is stable.

© 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.