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Moody's downgrades Keter
Moody's Investors Service said it downgraded the corporate family rating of Keter Group BV to B3 from B2 and probability of default rating to B3-PD from B2-PD.
Moody's also said it downgraded the rating of the Keter Group's senior secured terms loans and revolving credit facility to B3 from B2.
The outlook remains stable.
The ratings consider Keter's leverage as measured by an adjusted debt-to-EBITDA ratio of 7.1x as of December 2017, which is considerably higher than expected and likely to remain elevated over the next 12- to 18-months, Moody's explained.
The ratings also reflect the high level of one-off costs and adverse working capital movement, which has led to negative free cash flow, the agency said.
The ratings also take into account the company's weakening liquidity profile, resulting in reliance on short-term local banking facilities and reduced headroom under the revolving credit facility, Moody's said.
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