Moody's assigns B3 to Kedrion

Moody's Investors Service said it assigned Kedrion SpA a B3 corporate family rating and a B3-PD probability of default rating with a positive outlook and B3 ratings to its newly reassigned $790 million of backed senior secured notes and $75 million term loan A.

Concurrently, the agency said it withdrew Kevlar SpA’s B3 CFR, B3-PD PDR and positive outlook. The withdrawal of the CFR and PDR ratings and outlook of Kevlar and the assignment of the ratings and outlook to Kedrion follows a corporate reorganization whereby Kedrion replaced Kevlar in all its obligations with respect to the senior secured bank credit facilities and backed senior secured notes. Kedrion is the new top entity of the restricted group.

Kedrion also has an unrated €175 million super senior revolver, which the agency said is not large enough to lower the other debts’ ratings.

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