Moody’s changes Keter Group view

Moody's Investors Service said it affirmed the B3 corporate family rating, B3-PD probability of default rating and the B3 rating on the senior secured term loans and the revolving credit facility of Keter Group BV.

Concurrently, Moody's changed the outlook to negative from stable.

"Our decision to change the outlook reflects the company's ongoing operating challenges leading to weaker earnings in 2018 and a further increase of its financial leverage, as reflected in a Moody's adjusted gross leverage ratio exceeding 8x at the end of 2018 against our previous expectation of deleveraging below 7x," Vitali Morgovski, Moody's assistant vice president, analyst and lead analyst for Keter Group, said in a news release.

"Free cash flow generation remained distinctly negative for the second year in a row and it remains in our view uncertain whether it will materially improve in 2019.”

© 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.