Moody's cuts National Industries to junk

Moody's Investors Service said it downgraded the long-term issuer rating of National Industries Group Holding NIG (SAK) and $475 million sukuk issued by NIG Sukuk Ltd. to Ba2 from Baa3.

The outlook was changed to negative.

"Moody's concluded that steps already initiated and still contemplated or pending will not be sufficient to lower market value leverage to levels of 35% and below, which we would expect for a Baa rated investment holding company," Martin Kohlhase, a Moody's assistant vice president, said in a statement.

Ratings benefit from a diversified portfolio consisting of investments in seven main industries, the agency said.

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