Moody's rates Mauser Beteiligungs notes Caa1

Moody's Investors Service said it assigned a provisional senior implied rating of prospective B2 to Mauser Beteiligungs GmbH.

Moody's also assigned a provisional rating of prospective Caa1 to the company's proposed €175 million in senior notes due 2013 and an unsecured issuer rating of prospective Caa2. The outlook is stable.

Moody's notes that upward pressure on the ratings could arise as a result of a demonstrated sustainable improvement in operating margins from their current pro forma levels of 9.4% to around 10.5% and/or a sustainable increase in internal cash flow generation, resulting in an improvement in the adjusted retained cash flow/net adjusted debt ratio to the high teens in conjunction with a progressive de-leveraging of the balance sheet resulting in an adjusted debt/EBITDAR ratio in the region of 3.0x to 3.5x.

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