Moody's cuts Franz Haniel to junk

Moody's Investors Service said it has downgraded Franz Haniel & Cie's rating from Baa3 to Ba1.

The outlook is stable.

This rating action concludes the review for possible downgrade, which was assigned on March 23, the agency said.

In accordance with its established practices, Moody's said it concurrently assigns a Ba1 corporate family rating to Haniel and expects to withdraw the long-term issuer rating shortly.

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