Moody's rates Stork Technical notes B3

Moody's Investors Service said it assigned a definitive B3 rating to Stork Technical Services Holdco BV's recent €272.5 million issuance of senior secured notes due 2017.

Moody's said it also assigned definitive B2 corporate family and probability of default ratings. The outlook remains negative.

The notes were originally proposed in the amount of €315 million with maturity in 2019.

"Despite the reduced leverage resulting from the lower debt amount of the modified transaction, STS continues to be exposed to a very challenging market environment, especially in Europe, the company's principal market, which represented around 75% of financial year 2011 sales," said Anthony Hill, a Moody's vice president - senior analyst and lead analyst for Stork Technical, in news release.

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