Moody's gives Colgrade notes Caa2

Moody's Investors Service said it assigned a Caa2 instrument rating to the $149.973 million of guaranteed notes due 2011 issued by Colgrade Ltd., a ROLF Group entity, guaranteed by Delance Ltd., the parent company of ROLF.

At the same time, Moody's said it has withdrawn the Caa3 rating on the $ 250 million of guaranteed notes due 2010, which have been redeemed through a debt restructuring initiative in form of an exchange offer.

According to the agency, the probability of default rating of ROLF was upgraded to Caa1/LD from Ca to be in line with the corporate family rating following the successful closing of the debt restructuring.

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