Moody's rates KION notes B2

Moody's Investors Service said it assigned a provisional B2 (LGD 2, 24%) rating to about €400 million senior secured notes due in 2018 to be issued by KION Finance SA, along with a B3 corporate family rating and a Caa1 probability of default rating to KION Group GmbH.

The outlook is stable.

The ratings balance KION's strong global position in the market for forklift trucks and material handling equipment and a high debt burden resulting from a leveraged buyout in 2006, the agency said.

The company has a low share of revenues generated outside of Europe, but has strong market positions in China and Brazil for trucks in the higher quality segment, Moody's said.

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