Moody's: Mondi view stable

Moody's Investors Service said it affirmed Mondi Group's Baa3 issuer rating and senior unsecured rating and changed the outlook to stable from positive.

Concurrently, Moody's placed the credit ratings of Nordenia International AG under review for upgrade.

Moody's said the actions follow the announcement that Mondi reached an agreement with Oaktree, the majority shareholder of Nordenia, regarding the acquisition of Nordenia for a total enterprise value of €655 million including assumed debt, valuing Nordenia at around 6.6x 2011 reported EBITDA.

© 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.