Moody's downgrades Keter

Moody's Ratings said it downgraded Keter Group BV's long-term corporate family rating to Ca from Caa2 and its probability of default rating to C-PD from Caa2-PD. Concurrently, the agency lowered to Ca from Caa2 the €1.205 billion senior secured term loans B1 and B3 due March 2025 and the currently outstanding €105.5 million senior secured term loan B4 due in December and to B2 from B1 the €50 million super senior secured bank credit facility also due in December, all borrowed by the company.

The downgrades follow Keter reporting its senior lenders took over the company, on Friday, in a transaction that will restructure its debt, which includes about a 45% cut in debt and a maturity extension to December 2029.

The outlook remains stable.

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