Moody’s downgrades KME

Moody’s Investors Service said it downgraded KME SE’s corporate family rating to Caa1 from B3 and to Caa1-PD from B3-PD the probability of default rating.

Concurrently, Moody’s downgraded to Caa1 from B3 the rating on the group’s €300 million of senior secured notes due 2023. The agency changed the outlook to stable from negative.

“The downgrade reflects the group’s weakened credit metrics during the last few quarters and Moody’s downward revised forecast for KME’s operating performance over the next 12-18 months against expected coronavirus-driven sluggish demand across key end-markets of the group,” the agency said in a press release.

The outlook rests on the expectation KME will retain an adequate liquidity profile, including through the timely extension of its €375 million borrowing base facility, maturing February 2021, Moody’ said.

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