Moody's: Hornbach to positive

Moody's Investors Service said it changed the outlook on Hornbach Baumarkt AG's Ba2 corporate family rating and probability of default rating to positive from stable.

The Ba3 rating on the company's €250 million worth of senior unsecured notes due in 2014 remains unchanged.

"The outlook change reflects Hornbach's success in weathering the difficult market conditions in recent years and its ability to strengthen its key credit metrics over time, benefitting from a degree of recovery in the German DIY retail market," Paolo Leschiutta, a Moody's vice president-senior credit officer and lead analyst for Hornbach, said in a news release.

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