Moody's ups Kloeckner bonds to B2

Moody's Investors Service said it upgraded Kloeckner & Co. International GmbH's senior implied rating to Ba3.

Moody's also upgraded the rating of the subordinated bond at Kloeckner Investment SCA to B2 and the issuer rating of Kloeckner & Co. International GmbH to B3. The outlook is stable.

This action follows the announcement by the company of certain improvements to its capital structure.

With the upgrade, Moody's acknowledges the noticeable improvement in the capital structure of Kloeckner following the announcement of a €40 million increased equity contribution from the shareholders and the elimination of the contemplated special dividend payout of €50 million as a consideration under certain conditions resulting in the subsequent reduction of anticipated debt.

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