Moody’s changes Knorr-Bremse view to negative

Moody’s said it revised the outlook for Knorr-Bremse AG to negative from stable.

“The outlook change to negative however reflects Moody’s concern that Knorr-Bremse will be challenged to manage gross leverage back into the 1x – 1.5x debt/EBITDA range set for the A2 rating category on the back of severe end market challenges over the next 12 to 18 months. Moody’s notes that the leverage is currently above the requirements for the current rating category as a consequence of advanced refinancing activities and more recently by measures to counter a temporary market standstill,” said Moody’s in a press release.

Moody’s affirmed the company’s A2 issuer and senior unsecured rating.

© 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.