Moody’s rates Kaefer Isoliertechnik notes B1

Moody's Investors Service said it assigned a Ba3 corporate family rating and a Ba3-PD probability of default rating to Kaefer Isoliertechnik GmbH & Co. KG.

The agency also assigned a B1 rating to the €250 million senior secured notes intended to be issued by Kaefer.

The outlook is stable.

"The Ba3 rating reflects Kaefer's strength as the second largest IASP service provider globally with a relatively resilient business profile owning to a large share of revenues generated with maintenance contracts,” Vitali Morgovski, Moody's assistant vice president and lead analyst for Kaefer, said in a news release.

“However, the global IASP market is highly fragmented and competitive, which leads to fairly low margins for all peers and has also depressed Kaefer's free cash flow generation that we expect to be only slightly positive in the coming few years."

© 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.