Moody's rates Heidelberger notes Caa1

Moody's Investors Service said it assigned a Caa1 (LGD4, 63%) rating to the €200 million senior notes with a seven-year tenor launched by Heidelberger Druckmaschinen AG. The outlook is stable, and the group's corporate family rating is unchanged at B3.

Proceeds will be used to redeem around €185 million of Heidelberger Druck's existing 9¼% senior notes.

The agency said Heidelberger Druck's B3 corporate family rating continues to balance a challenging industry environment, negative profitability at its equipment business and sizable restructuring measures from portfolio optimization against the group's strong competitive position as the worldwide leading manufacturer of sheet-fed offset printing presses and related equipment with a high share of recurring revenues from services and consumables and the expected cost savings from its "Focus" efficiency and portfolio optimization programs.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.