Moody's rates L.V.I. notes Ba2

Moody's said it upgraded corporate family rating of Carmeuse by one notch to Ba2 and reassigned the rating to L.V.I. Holding NV. Moody's also assigned provisional Ba2/LGD 4 (52%) ratings to the proposed 2014 €200 million senior unsecured guaranteed notes to be issued by Calcipar SA, an indirect financial subsidiary of the group. Proceeds will be used to redeem in full the existing €175 million senior secured notes raised at Carmeuse Lime BV.

The outlook is stable.

The upgrade and reassignment of the corporate family rating reflect the integration of the North American operations of Carmeuse that have previously been excluded from the rated group, the agency said. The action also reflects the improved control over the cash flow of the group achieved through the acquisition of minority stakes in the key operations and improved profitability, Moody's added.

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