Moody's: ALBA Group negative

Moody's Investors Service said it affirmed the B1 corporate family and probability of default ratings, as well as the B3 rating on the €203 million senior unsecured notes due 2018, of ALBA Group plc & Co. KG.

Concurrently, the agency said it changed the outlook on all the ratings to negative from stable.

The affirmation of the ALBA Group's ratings follows the company's announcement that it has completed the refinancing of its senior secured bank loan facilities due in December 2013, the agency said.

Moody's said the change in outlook reflects ALBA Group's still high debt levels in the more challenging economic environment and the low visibility with regard to the timing of any future recovery in the commodity markets.

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