Moody's: Brenntag view positive

Moody's Investors Service said it changed the outlook on all ratings of Brenntag AG to positive from stable.

The agency also affirmed the company's Ba1 corporate family rating and Ba1-PD probability of default rating. Moody's also affirmed the Ba1 rating, with a loss given default assessment of LGD4 (50%), on the company's senior unsecured guaranteed notes maturing in 2018.

"Our positive outlook on Brenntag's Ba1 ratings recognizes the ability of Brenntag to maintain a stable financial performance even under persisting weak general economic conditions in its reference European markets, given its large scale and the breadth of its geographic and product diversification, which underpin its strong business profile," Gianmarco Migliavacca, Moody's vice president, senior analyst and lead analyst for Brenntag, said in a news release.

"The change in outlook also acknowledges the progress made by the company in improving its credit metrics, and our expectation of its ability to gradually achieve further improvements over time."

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