Moody's shifts Wittur's view to negative

Moody's Investors Service said it changed the outlook to negative from stable and affirmed the B3 corporate family rating and B3-PD probability of default rating of Wittur International Holding GmbH. Moody's also affirmed the ratings on the group's debt facilities, including the B2 ratings on the €530 million senior secured first-lien term loan B and €90 million senior secured first-lien revolving credit facility and the Caa2 rating on the €240 million second-lien term loan, issued by Wittur Holding GmbH, a direct subsidiary of the group.

"The outlook change to negative was prompted by our expectation that Wittur's operating performance and credit metrics will significantly weaken this year following the coronavirus outbreak, which will stifle construction activity and constrain Wittur's manufacturing capabilities," said Goetz Grossmann, Moody's lead analyst for Wittur, in a press release.

"This is balanced to some degree by our still-adequate liquidity assessment for Wittur and its solid business profile, which supports the rating affirmation," Grossmann said.

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