Moody’s downgrades Hema

Moody’s Investors Service said it downgraded to Caa3 from Caa1 the corporate family rating of Hema BV. Concurrently, the agency downgraded Hema’s probability of default rating to Caa3-PD from Caa1-PD.

Moody’s also downgraded to Caa2 from B3 the €600 million senior secured floating rate notes due 2022 issued by HEMA Bondco I BV and to Ca from Caa3 the €150 million senior unsecured notes due 2023 issued by HEMA Bondco II BV. The outlook for all entities remains negative.

"The decision to downgrade Hema and to maintain the negative outlook reflects the rapid and widening spread of the coronavirus outbreak and our expectations that operational disruptions associated with the outbreak will further weaken the company’s liquidity and increase the risk of a debt restructuring," said Francesco Bozzano, Moody’s lead analyst for Hema and assistant vice president, in a press release.

© 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.