Moody's rates Duerr notes B2

Moody's Investors Service assigned a prospective Ba3 senior implied rating to Duerr AG and a prospective B2 rating to the proposed issuance of €200 million of senior notes due 2011.

The outlook is stable.

Moody's said the ratings reflect Duerr's global presence and market leadership in the supply of large-scale production systems and manufacturing support services mainly for the automotive industry, recognized cost-effective, flexible and environmentally compatible systems, high barriers to entry with requirement for product approval by original equipment manufacturers, leading technology and product innovation, the strong commitment of management to execute the profit enhancement program, order book and revenue visibility resulting from the negotiation of firm contracts to be completed within two to three years, adequate alternate liquidity profile following proposed refinancing with no immediate debt maturities and good position in new regional growth markets.

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