Moody's lowers Lowen Play

Moody's Investors Service said it lowered Safari Beteiligungs GmbH's (Lowen Play ) corporate family rating to Caa3 from Caa1 and probability of default rating to Ca-PD from Caa1-PD. Concurrently, the agency downgraded the rating on the €350 million of backed senior secured notes due 2022, issued by Safari Holding Verwaltungs GmbH, to Caa3 from Caa1.

“The downgrades of the PDR and CFR reflect Moody's view that Lowen Play's probability of default, including the potential for a distressed exchange-type of restructuring, is very high over the near term following the company's disclosure that it had approached major holders of the €350 million backed senior secured notes with a restructuring proposal to extend and address upcoming maturities,” the agency said in a press release.

The outlook remains negative.

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