Moody’s withdraws KCA Deutag ratings

Moody’s Investors Service said it withdrew KCA Deutag Alpha Ltd.’s Caa2 corporate family rating, the Ca-PD/LD probability of default rating and the Caa2 rating on KCA’s $414 million guaranteed senior secured term loan B due 2023 and $250 million guaranteed senior secured revolving credit facility due 2022

The agency also withdrew the Caa2 rating on its guaranteed senior secured global notes due 2021, 2022 and 2023, respectively issued by KCA Deutag UK Finance plc.

Moody’s withdrew the negative outlook as well.

“This rating action reflects that the rated instruments are no longer outstanding following the completion of KCA’s financial restructuring with lenders taking ownership of the business. The restructuring provides for all liabilities under the existing notes and credit agreement to be exchanged for a combination of a new debt instrument and 100% of the equity in the KCA Deutag group, with the noteholders and RCF lenders becoming majority shareholders. In line with Moody’s practice, the agency is withdrawing ratings due to the rated obligation no longer being outstanding,” the agency said in a press release.

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