Moody's lowers Korreden

Moody's Investors Service said it has downgraded to B2 from B1 the corporate family rating and probability of default rating of Korreden SA (consolidated with its subsidiaries, Akerys) and the rating of the €300 million of senior floating-rate notes dues 2014 issued by Akerys Holdings SA.

The agency said that the LGD assessment remains unchanged at LGD5 (77.49%) while the ratings have been placed on review for further possible downgrade.

According to Moody's, the rating downgrades reflect the weakened financial metrics of the company, with interest cover (EBIT to gross interest expense) falling below 1.5x and total debt to total capitalization rising above 65%.

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