Moody's confirms Visiocorp

Moody's Investors Service said it confirmed the Ca corporate family rating of Visiocorp plc, concluding the review that began on Dec. 19, 2007 following a complex financial restructuring.

The outlook is stable.

Moody's said the confirmation considers that the financial restructuring resulted not only in a notable reduction of financial debt and cash interest payments but also increased financial transparency and visibility.

Ratings reflect continued pressure on earnings, limited financial flexibility and the issuer's 2007 pro forma debt-to-EBITDA ratio of 6.1 times.

The rating also considers the currently challenging environment in the automotive supply sector, the agency said.

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