Moody’s could cut Grupo Antolin

Moody's Investors Service said it placed the Ba3 corporate family rating and the Ba3-PD probability of default rating of Grupo Antolin Irausa, SA and the Ba3 ratings assigned to the senior secured notes issued by Grupo Antolin Dutch BV on review for downgrade.

This action follows Grupo Antolin's April 16 announcement that it entered into an agreement to purchase substantially all of the interiors operations of Magna International Inc. (Baa1 stable) at a price of $525 million on a cash and debt free basis. With total sales of $2,433,000,000 in 2014, the acquired business will contribute to double Grupo Antolin's sales of €2,225,000,000 in the same period.

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