Moody's adds LD to Keter rating

Moody's Investors Service said it appended a limited default /LD designation to Keter Group BV's probability of default rating, changing the PDR to Caa3-PD/LD from Caa3-PD. The/LD designation reflects the limited default under Moody's definition from the missed repayment for its €102.1 million senior secured revolving credit facility due July 31, 2023.

On July 13, Keter signed a lock-up agreement with most of its lenders whereby, among other things, it secured a forbearance on making the payment beyond the three days of the grace period.

The limited default designation will remain until the company resolves the missed revolver repayment by extending its original maturity date, Moody’s said.

Keter's corporate family rating remains unchanged at Caa2, and so does its Caa2 rating on the €1.205 million senior secured term loan, split in three tranches and due Oct. 31.

The outlook remains unchanged at negative.

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