Moody's rates Yioula Glassworks notes B3

Moody's Investors Service said it assigned a provisional B2 corporate family rating to Yioula Glassworks SA, as well as a provisional rating of B3 to the company's new €130 million senior unsecured notes due 2015.

The outlook is stable.

The ratings reflect the potential for additional debt-financed acquisitions and the current high execution risk associated with the company's recent acquisitions in the Ukraine, cash flow constraints due to high capex requirements, the seasonality of the glass container industry and resulting fluctuations in working capital and high customer concentration, with the top ten customers accounting for 31.2% of Yioula's turnover in 2004, Moody's said.

More positively, the ratings also reflect the company's position as a dominant player in its core markets of Greece and Bulgaria, long-term customer and supplier relationships in the Greek market and demonstrated track record of management in the core market of Greece, Moody's said.

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