Moody's may cut Sanitec

Moody's Investors Service said it placed the ratings of Sanitec International SA and its subsidiaries on review for possible downgrade.

Moody's may downgrade Sanitec's B1 senior implied rating, B3 senior unsecured issuer rating, B3 €260 million 9% senior notes due 2012 and B1 rated €55 million senior secured credit facilities.

Moody's said the review follows the announced acquisition of Sanitec Corp., a subsidiary of Sanitec International, by private equity funds advised by EQT. The sale is conditional on clearance from the European competition authorities.

The review for possible downgrade is prompted by the announced sale by Sanitec International of all its operating activities to the private funds managed and advised by EQT and Moody's expectation that levels of debt at Sanitec Corp. will materially increase as a result of the aforementioned acquisition.

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