Moody's affirms Eco-Bat

Moody's Investors Service said it affirmed the existing ratings of Eco-Bat Technologies Ltd. following the proposed €200.0 million senior pay-in-kind notes issuance at EB Holdings, a newly created entity which owns 86.5% of Eco-Bat Technologies Ltd.

Moody's affirmed Eco-Bat's B1 senior implied rating, B1 rated €235 million 10 1/8% senior notes due 2013 and B3 senior unsecured issuer rating. The outlook is stable.

Proceeds from the proposed notes, which are not rated, will be used to fund a cash distribution to EB

Moody's said the affirmation of Eco-Bat's existing ratings reflects the limited affects that the proposed PIK notes are expected to have for Eco-Bat's creditors within the bond group given the existing indenture and the fact that the claim of the new notes on Eco-Bat is solely by virtue of its equity holding.

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