Moody's downgrades Kerling

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Kerling plc to Caa1 from B3.

Concurrently, the agency downgraded the ratings on Kerling's €785 million of senior secured notes due 2017 and €75 million of senior secured loan notes due 2016 to Caa1 from B3.

The outlook is negative.

"In addition to our ongoing negative outlook for Europe's cyclical polyvinyl chloride product market, today's rating action also reflects Kerling's inability to improve profitability and to achieve credit metrics that we consider to be appropriate for the B3 rating," Moody's vice president, senior analyst and lead analyst for Kerling Anthony Hill said in a news release.

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