Moody's rates KM Germany notes B2

Moody's Investors Service said it assigned B2 corporate family and probability of default ratings to KM Germany Holdings GmbH, the new holding company of the KraussMaffei Group.

At the same time, the agency assigned a provisional B2 rating to the €325 million senior secured notes due in 2020.

The notes are being issued in connection with the acquisition of KraussMaffei by Onex Corp.

The outlook is stable.

Moody's said the rating is supported by its expectation that KraussMaffei will be able to continuously generate positive, albeit modest, free cash flows throughout the next three years despite high interest payments, resulting in a gradual improvement of the company's net debt.

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