Moody's may cut Korreden

Moody's Investors Service said it placed on review for possible downgrade the Ba2 corporate family rating of Korreden SA, the ultimate holding company for Akerys, and the Ba3 rating for the €300 million of senior floating-rate notes due 2014 issued by Akerys Holdings SA, a subsidiary of Korreden.

The agency said that the review was prompted by the increase in the company's debt combined with a reduction in projected EBITDA for the financial year ending June 2008.

Furthermore, Moody's said that the weaker operating environment facing homebuilders in France makes a quick recovery unlikely.

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