Moody’s adds LD to Lecta

Moody’s Investors Service said it affirmed the Ca-PD probability of default rating of Lecta SA and appended the rating with a /LD designation. Concurrently, the rating agency affirmed the company’s Caa3 corporate family rating, the Ca rating on the €225 million floating-rate senior notes due 2022 and Ca rating on the €375 million fixed-rate senior notes due 2023. The outlook remains negative.

The appending of the /LD designation indicates a limited default, reflecting the failure to cure the missed interest payment for the existing floating-rate notes due Nov. 4 within the 30-day grace period.

The /LD will remain in place until the company completes the proposed restructuring of its capital structure, Moody’s said.

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