Moody’s lowers Wittur, facilities, notes

Moody's Investors Service said it downgraded Wittur International Holding GmbH’s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

Concurrently, the agency downgraded the rating assigned to the senior secured credit facilities of Wittur Holding GmbH to B2 from B1 and the rating assigned to the senior unsecured notes of Wittur to Caa2 from Caa1.

The outlook on all ratings was changed to stable from negative.

"The downgrade predominantly reflects Wittur's elevated leverage with limited prospects of a recovery to levels commensurate with a B2 rating over the next 12-18 months based on Moody's projections," Scott Phillips, Moody's vice president, senior analyst and lead analyst for Wittur, said in a news release.

"While the company should deliver single digit revenue growth in 2017, underpinned primarily by its operations in Europe, the group's still high exposure to China presents a meaningful downside risk."

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