Cognis corporate family rating cut to 'B2' - Moody's |
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Published
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Fri, 04 May 2007 08:30
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MUMBAI (Thomson Financial) - Moody's Investors Service said it downgraded the corporate family rating of Germany's specialty chemicals producer Cognis GmbH to 'B2'.The outlook on the ratings is stable, the ratings agency added.Moody's said the one notch downgrade of the corporate family rating reflects the increase in leverage and cash interest costs associated with the debt within Cognis group, following the partial repayment of the 2015 PIK notes.'While the consent of the holders of the 2014 senior notes to the partial repayment of the PIK notes was secured through an one-off waiver and leaves the ring fencing arrangements restricting the upstreaming of cash from Cognis GmbH to its parent Cognis Holding GmbH in place, Moody's notes that the refinancing exercise will result in some material deterioration in the credit metrics of the rated group,' the ratings agency said in a statement.TFN.newsdesk@thomson.comypv/akuCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Rexel's corporate family rating upgraded to 'Ba1' from 'B2' - Moody's 