Moody's rates Damovo notes B1

Moody's Investors Service said it assigned ratings to Damovo Group SA and to the debt issued by its subsidiary, Damovo III SA.

More specifically, Moody's assigned Damovo Group SA a senior implied rating of B1 and senior unsecured issuer rating of B3 and Damovo III SA a B1 rating to its €350 million senior guaranteed notes due 2012 to be split between fixed- and floating-rate tranches.

The outlook is stable for all debt.

Moody's said the ratings reflect Damovo's financial position and operating prospects following a two-year business and financial restructuring. Damovo is controlled by a group of shareholders which include affiliates of Apax Partners Ltd. (76%), Ericsson Holding BV (17%) an ESOP (5%) and current and former employees (2%).

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