Moody's lowers Senvion view to negative

Moody's Investors Service said it changed the outlook on Senvion SA and Senvion Holding GmbH to negative from stable.

Moody's also said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Senvion, as well as the B3 rating of the senior secured global notes issued by Senvion Holding.

The outlook revision was triggered by a weak order intake during the first nine months of 2018, compared to the same period in 2017, the agency said.

While the revenue and EBITDA decline was in line with the market trend, the weakness in order intake raises concerns about whether Senvion will be able to adequately participate in the market recovery expected in 2019 and 2020, Moody's said.

The ratings are weakly positioned, but remain supported by the company's market positions, the agency said.

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