Fitch: Monier view to negative

Fitch Ratings said it affirmed Monier Group Sarl's long-term issuer default rating at B and revised the outlook to negative from stable.

The agency also affirmed its €105 million super senior revolving credit facility due 2014 at BB with a recovery rating of RR1 and €695 million senior bank debt due 2015 at B+ with a recovery rating of RR3.

The outlook revision reflects Monier's decline in operating performance in the past year against expectations in terms of revenue and profitability and a subsequent increase in leverage, Fitch said.

Underperformance has been the consequence of a more challenging environment than expected, which has contributed to a decline in volumes across Monier's core markets, the agency said.

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