Moody's rates Gerresheimer notes Caa1

Moody's Investors Service said it assigned a rating of Caa1 on Gerresheimer Holdings GmbH €150 million senior notes due 2015 and concluded the review of the previous ratings of its subsidiary, Gerresheimer Group, which have been withdrawn.

Moody's also assigned a B2 senior implied rating and Caa1 senior unsecured issuer rating.

The new ratings were provided in connection with the new financial structure used to finance the buyout of Gerresheimer by affiliates of Blackstone Group.

Moody's said the notes rating reflects their position in the capital structure, behind significant levels of secured operating company debt, as well as the benefit of senior subordinated guarantees from operating companies. The outlook is stable.

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