Moody’s might cut Stark Group

Moody’s Investors Service said it placed the B2 corporate family rating of LSF10 Wolverine Investment SCA (Stark Group AS) on review for downgrade.

The review also includes the B2-PD probability of default rating and the B2 instrument ratings on the senior secured fixed- and floating-rate notes maturing in 2024.

Concurrently, the outlook was changed to rating under review from stable.

“Today's rating action follows Stark Group's announcement on May 20, 2019 that it had signed an agreement with Compagnie de Saint-Gobain SA (Baa2 stable) to acquire 100% of the shares in Saint Gobain Building Distribution Deutschland GmbH (SGBDD),” the agency said in a news release.

“For the twelve months ending April 2019, the company reported revenues of €2 billion and a company adjusted EBITDA of €48 million.”

© 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.