Moody's views Doncasters for lift

Moody's Investors Service said it placed on review for upgrade the Caa3 corporate family rating of Doncasters Group Ltd. Moody's also placed on review for upgrade the company's Ca-PD probability of default rating and the Caa3 rating of the senior secured first-lien facilities issued by Doncasters US LLC and Doncasters Finance US LLC. Additionally, Moody's withdrew the C rating of the senior secured second-lien facilities, issued by the same entities.

The action follows Doncasters' March 6 announcement it had completed the restructuring of its debt. The restructuring included the partial write-down of the company's debt structure.

The review for upgrade indicates Moody's expectation the company's leverage has materially reduced following the restructuring, and with substantially improved liquidity under the new capital structure.

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