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Moody's cuts Heating Finance notes to B2, Caa1
Moody's Investors Service said it downgraded Heating Finance plc's corporate family rating to B2 from Ba3, downgraded the rating on £574 million of senior secured credit facilities to B2/LGD3/45% from Ba3/LGD3/44% and downgraded the rating on the £100 million mezzanine notes due 2014 to Caa1/LGD6/94% from B2/LGD6/94%.
The outlook is negative.
These actions follow the company's profit warning and announcement that a downturn in certain markets for heating products will continue beyond the first quarter of 2007, Moody's said. As a result of this downturn, the company began discussions with its senior debt lenders about modifying terms of its credit facilities.
The downgrade reflects the company's disclosure of continued weaker operating performance, along with possible impacts on the core business and future cash flows from the market downturn, the agency said.
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