Moody’s applies Baa1 to SKF bonds

Moody's Investors Service said it assigned a Baa1 rating to the proposed €500 million seven-year offering of a senior unsecured bond by SKF AB.

The Baa1 long-term issuer rating remains unchanged.

The outlook is negative.

Proceeds will be used to largely refinance existing debt and as such Moody's expects that the issuance will not materially increase Moody's adjusted debt/EBITDA on a pro-forma basis. This stood at 3.6 times for 12 months to September 2015, which positions SKF very weakly in the Baa1 rating category, as reflected in the negative outlook.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.