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Moody's may lower Gerresheimer
Moody's Investors Service said it placed all of the ratings of Gerresheimer Holdings GmbH & Co. KG, the direct holding company of Gerresheimer Glas AG, on review for possible downgrade following the announcement that its existing shareholders, Investcorp and JP Morgan Partners, have agreed to sell their shareholdings in Gerresheimer to The Blackstone Group.
Ratings affected include the B1 senior implied rating at Gerresheimer Holdings GmbH & Co. KG, the B1 rating on the senior secured credit facilities at Gerresheimer Holdings GmbH & Co. KG., and the B3 senior unsecured issuer rating at Gerresheimer Holdings GmbH & Co. KG.
Moody's review of Gerresheimer Glas will focus on the likely business and financial strategies of Blackstone for Gerresheimer Glas including the proposed debt leverage profile and relative ranking of the company's different creditors following its expected recapitalization.
Given the company's existing credit profile, Moody's believes that there is the potential for the ratings to be confirmed at existing levels.
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