Moody's lifts Hornbach notes

Moody's Investors Service said it upgraded to Ba2 from Ba3 the €250 million of senior unsecured notes issued by Hornbach Baumarkt AG due in November 2014. The revised loss-given default assessment on the notes is LGD3, 46%.

Concurrently, Moody's said it affirmed Hornbach's Ba2 corporate family rating and probability of default rating. The outlook is positive.

"The upgrade of the Hornbach's notes to Ba2 follows the reduction over time of debt ranking ahead of the notes and the better position of the notes within the company's capital structure" said Paolo Leschiutta, a Moody's vice president - senior credit officer and lead analyst for Hornbach, in a news release.

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