Moody's lowers Keter

Moody's Investors Service said it downgraded Keter Group BV's senior secured term loan B, split in three tranches, due October 2023 and on the senior secured revolving credit facility due July 2023 to Caa2 from Caa1. The agency also lowered Keter’s corporate family rating to Caa2 from Caa1 and its probability of default rating to Caa3-PD from Caa1-PD.

"The downgrades reflect the increased probability of a debt restructuring given the challenging access to capital markets and the upcoming maturity of its term loan in October 2023," said Pilar Anduiza, a Moody's analyst and lead analyst for Keter, in a press release.

The agency would consider a distressed exchange as a form of default.

"At the same time, the expected improvement in operating performance supports our view of the potential for relatively limited losses for creditors in a restructuring scenario," Anduiza added.

The outlook remains negative.

© 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.