Moody's may lower Almatis

Moody's Investors Service said it placed the ratings of Almatis Holding BV and Almatis BV under review for possible downgrade following the announcements by the company on the acquisition of Almatis by Investcorp, an investment group.

Ratings affected include the B1 corporate family rating on Almatis Holding BV, the B3 rating on the €150 million 9% senior notes due 2012 issued by Almatis Holding BV and the B1 rating on the $180 million senior secured facilities at Almatis BV.

While the company's recent operating performance has been good, the review for possible downgrade is prompted by Moody's expectation that the acquisition is likely to lead to a change in the capital structure and possibly to an increase in the overall levels of debt at Almatis. Due to the early stage of the transaction, it is not possible at this stage to assess the consequences of the change in ownership on the financial metrics of the company, the agency said.

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