Moody's lowers Kiloutou

Moody's Investors Service said it downgraded Kapla Holding SAS’ (Kiloutou) corporate family rating to B2 from B1, its probability of default to B2-PD from B1-PD and the instrument ratings of its backed senior secured notes to B2 from B1.

Moody's said it also placed all of Kiloutou's ratings on review for downgrade. The outlook has been changed to ratings under review from stable.

"Kiloutou's downgrade reflects the rapid and widening spread of the coronavirus outbreak, which has brought Kiloutou's French operations, its main market, to an effective halt. This will cause Kiloutou's revenues and EBITDA to fall sharply in 2020 and lead to a drain on cash flow and liquidity," said Florent Egonneau, assistant vice president and Moody's lead analyst for Kiloutou, in a press release.

"Although the company started to partially re-open its branches to professional customers, the recovery phase remains highly uncertain," added Egonneau.

© 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.