Moody's lowers Kleopatra

Moody's Investors Service said it downgraded the probability of default rating of Kleopatra Lux 1 Sarl to Ca/LD.

The company's Caa2 corporate family rating has been affirmed and the outlook on all ratings has been changed to stable from negative. Moody's said it expects to remove the "/LD" suffix after approximately three business days and to withdraw all ratings shortly thereafter.

Moody's said the rating action reflects its understanding that a financial restructuring has been implemented with the following key elements: repayment of senior lenders at par amounting to approximately €800 million, effective equitization of second lien and mezzanine commitments and assumption of ownership by Strategic Value Partner and other previous second lien and mezzanine lenders via the debt-to-equity swap and additional €190 million of new equity.

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