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Moody’s lowers Keter
Moody's Investors Service said it downgraded the corporate family rating of Keter Group BV to Caa1 from B3 and the probability of default rating to Caa1-PD from B3-PD.
Concurrently, Moody's downgraded the rating of the Keter's senior secured term loans B and its revolving credit facility to Caa1 from B3.
The outlook remains negative.
The agency said the action reflects that following the review of 2018 audited financials, Keter's leverage ratio, as measured by Moody's adjusted gross debt/ EBITDA, at 13.2x as at December 2018 pro-forma Adams/United acquisitions, was higher than expected and will likely remain elevated over the next 12 to 18 months.
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