Moody's cuts Bertin outlook to negative

Moody's Investors Service said it affirmed Bertin's global local currency corporate family rating at Ba3 and the company's foreign-currency senior unsecured debt rating at B1, but changed the outlook to negative from stable.

The change in outlook was prompted by the increase in the company's growth investment program, which will result in significantly higher capital expenditures, higher debt levels and a slower improvement in key credit metrics than Moody's had anticipated when it assigned ratings to Bertin in July 2005.

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