Moody's rates KUKA notes B3

Moody's Investors Service said it assigned a definite B2 corporate family rating and B2 probability of default rating following KUKA AG's successful refinancing package. The agency said it also assigned a B3 (LGD 4, 60%) rating to KUKAs €202 million senior secured notes, which is the same as the provisional rating.

The outlook is stable.

The ratings balance KUKAs solid market position in its key segments, namely robotics and systems, and its high level of innovativeness and technology leadership, Moody's said.

The ratings are constrained by its high level of customer concentration, with limited diversification both in terms of industry and geography, the agency said.

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