Moody's: Heating Finance on review

Moody's Investors Service said it placed the ratings of Heating Finance plc under review, with direction uncertain.

The rating action follows the announcement on June 12 that Baxi - the parent of Heating Finance - is in detailed discussions to combine with the De Dietrich Remaha Group, Moody's noted.

However, the agency said that Baxi has also announced that it may not make its scheduled principal repayments on June 27 if discussions have not led to an agreed transaction by that date.

The "direction uncertain" therefore reflects uncertainty as to whether Baxi's credit profile will improve, or whether it will default, Moody's said.

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