Fitch rates Jenoptik notes BB

Fitch Ratings assigned a BB rating to Jenoptik AG's €150 million seven-year senior notes.

The refinancing plan announced by Jenoptik in September 2003, which includes the issuance of 8.14 million shares and the notes, will strengthen the company's capital structure and improve its debt maturity profile, Fitch said.

Management will also seek to strengthen market positions through organic and acquisitive growth, while continuing to establish partnerships in order to reduce the group's risk exposure.

Within the clean-systems division, management continues to evaluate strategic alternatives, which may include a co-operation with strategic partners or investors or a total or partial divestment of the business. The direction of any rating change, triggered by the occurrence of such an event, will clearly be dependent on the nature of the transaction and its impact on the business and financial risk profiles of the group.

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