Moody's affirms Kleopatra; outlook negative

Moody's Investors Service said it affirmed the Caa1 corporate family rating of Kleopatra Lux 1 Sarl (formerly Kloeckner-Pentaplast SA).

The outlook was changed to negative from stable.

The agency said that the affirmation of the Caa1 corporate family rating considers the stabilization in the company's operating performance over recent months and its adequate liquidity situation.

The change of the outlook to negative, however, reflects the ongoing difficult business environment, which should make it challenging to notably reduce the company's high leverage over the short to medium term, Moody's added.

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