Moody’s rates Knorr-Bremse notes A2

Moody's Investors Service said it assigned an A2 rating to Knorr-Bremse's planned senior unsecured notes to be issued under its existing debt issuance program (DIP) and affirmed its A2 issuer rating.

The outlook remains stable.

"Although the proposed bond issue lengthens Knorr-Bremse's debt maturity profile, the additional gross debt will increase its leverage (debt/EBITDA) toward 1.5x depending on the size of debt issued compared to 1.0x at year end 2017 thus exhausting the leverage tolerance within the current A2 rating," Falk Frey, Moody’s senior vice president and lead analyst for Knorr-Bremse, said in a news release.

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