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Moody's drops Eco-Bat CFR, PDR, notes
Moody's Investors Service said it downgraded the corporate family rating of Eco-Bat Technologies Ltd. to B1 from Ba3.
Concurrently, the agency downgraded the probability of default rating to B1-PD from Ba3-PD and the rating on the €300 million of senior notes due 2017 issued by Eco-Bat Finance plc to B2 from B1.
The outlook is stable.
Moody's said the downgrade reflects its expectation that Eco-Bat's profitability will weaken further in 2013 from its levels in 2012. Eco-Bat's EBITDA margin, as reported by the company, remained under pressure in the first half of 2013 declining to 5.7% from 8.5% in the full year 2012. Reported EBITDA decreased to £45 million in the first half of 2013 from £73 million in the prior year period, the agency said.
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