Moody's changes Bité to Caa1

Moody's Investors Service said it changed the corporate family and the probability-of-default rating of Bité Finance International BV to Caa1 and the rating on the €190 million senior floating rate notes due 2014 to Caa2.

The rating on the €6.1 million stub of the €110 million subordinated notes due 2017 that were not tendered as part of the exchange offer was changed to Caa3.

The outlook is negative. This concludes the review following the completion of the tender offer in March for the subordinated notes, which had been classified as a distressed exchange.

Moody's said that despite the reduced debt burden, it expects that Bité's leverage will remain above 6x in 2009.

The Caa2 rating on the senior notes is one notch below the corporate family rating, which reflects the removal of a large amount of junior debt from the capital structure that had previously more than offset the impact of the prior ranking of the bank revolver.

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