Moody's rates Hornbach-Baumarkt notes Ba3

Moody's Investors Service said it assigned a Ba2 senior implied rating to Hornbach-Baumarkt AG, the principal operating company of the Hornbach Holdings AG group.

New ratings assigned to Hornbach-Baumarkt include a senior implied rating of Ba2, an unsecured issuer rating of Ba3, and a Ba3 rating on the company's €200 million of senior guaranteed notes due 2014.

The outlook is stable.

Moody's said the Ba2 senior implied rating factors in (i) the company's financial metrics which the agency considers weakly positioned for the Ba2 rating category. Fiscal year end February 2004 saw total coverage at 1.8x and net adjusted debt to EBITDAR at 5.0x.

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