Moody's rates M&G notes B3

Moody's Investors Service said it assigned a B2 corporate family rating and a B2 probability of default rating to Mossi & Ghisolfi International SA and a B3 (LGD4) rating to the proposed $500 million of senior guaranteed notes to be issued by U.S. subsidiary M&G Finance Corp.

The outlook is stable.

The ratings consider the company's well established niche market position in North and Latin America as well as the relatively modest size of M&G compared with most of its rated chemical peers, its current lack of vertical integration and its medium-low historical profitability, the agency said.

The ratings also take into account the relatively weak financial performance and credit metrics recorded in 2009 as a result of the global recession, as well as the recent improvements achieved in 2010 and early 2011, the agency added.

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