Moody's may downgrade Kabel BW

Moody's Investors Service said it has put the ratings of Kabel BW Holdings GmbH on review for possible downgrade following the announcement of a secondary buy-out by EQT Partners and implementation of a new capital structure.

The ratings affected include Kabel's corporate family rating at B2 and €170 million senior subordinated note due 2015 at Caa1.

The review will focus on the new capital structure and its impact on the company's leverage profile.

At the same time, Moody's noted the announcement of a tender offer dated June 2 for the outstanding bonds, which is valid until June 30. In the event all the bonds are tendered, the rating agency said it will withdraw the rating on the bonds.

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