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Moody's downgrades National Industries Group
Moody's Investors Service said it downgraded to B2 from B1 the corporate family rating and probability of default rating of National Industries Group SAK, as well as the instrument rating for the $475 million sukuk issued by NIG Sukuk Ltd.
The outlook remains negative.
The downgrade reflects increased concerns about the upcoming refinancing of the company's August 2012 $475 million sukuk, given the lack of visible and tangible measures taken by the company to bolster its capital structure, which is highly geared with an estimated market value leverage of about 50%, Moody's said.
Although the company has taken steps to bolster the liquidity profile, it still remains geared toward the short-term and relies to a significant degree on uncommitted facilities, the agency said.
However, Moody's said it understands the company may shortly put in place further longer-term facilities, which could alleviate some liquidity challenges.
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