Moody's affirms Almatis

Moody's Investors Service said it affirmed the existing ratings of Almatis Holding BV following the proposed €100 million pay-in-kind bond issuance at Almatis Investment Holdings Sarl. The outlook is stable.

Proceeds from the proposed notes, which are not rated, will be used to fund a shareholder distribution.

Moody's affirmed Almatis' senior implied rating at B1, €150 million 9% senior notes due 2012 at B3, $180 million senor secured facilities at B1 and senior unsecured issuer rating at Caa1.

Moody's said the affirmation of Almatis' existing ratings reflects the limited effects that the proposed PIK notes are expected to have for Almatis' creditors within the group.

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