Moody's rates KraussMaffei notes B2

Moody's Investors Service said it assigned a definitive B2 (LGD3, 44%) rating to the €325 million senior secured notes issued by KraussMaffei Group GmbH (formerly KM Germany Holdings GmbH) and its indirectly wholly owned subsidiary, KM US Holdings II, Inc. (merged into and with MPM Holdings III Corp.).

The B2 corporate family rating and B2-PD probability of default rating, as well as the stable outlook, remain unchanged.

The definitive ratings are in line with the provisional ratings assigned on Dec. 5, 2012.

Due to the weaker collateral position of the €325 million bond - preferred access to less liquid collateral compared to the revolving credit facility - Moody's said it views this instrument one level lower on second rank.

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