Moody's cuts Heating Finance

Moody's Investors Service said it downgraded Heating Finance plc's corporate family rating to Caa1 from B3, the €574 million of senior secured credit facilities to Caa1 (LGD3, 45%) from B3 (LGD3, 45%) and the €100 million mezzanine notes due 2014 to Caa3 (LGD6, 94%) from Caa2 (LGD6, 94%).

Heating Finance is the 100% owner of Baxi Group Ltd.

The outlook is negative.

Moody's said the downgrade follows the company's release of 2007 year-end results and reflects concerns stemming from continued weaker operating performance, lower financial flexibility, execution risk in restructuring the French business and cost bases and slowing residential housing markets in Spain and the United Kingdom.

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