Moody’s lowers Bis Industries CFR, Artsonig notes

Moody's Investors Service said it downgraded the corporate family rating of Bis Industries Group Ltd. to Caa1 from B3 and the rating on Artsonig Pty Ltd.’s $250 million five-year senior unsecured PIK notes to Caa3 from Caa2.

Artsonig is a wholly owned subsidiary of Bis Industries.

The outlook on all ratings is negative.

"The rating action reflects the considerable pressure on Bis' credit profile due to the continuing challenging conditions for companies servicing the mining sector," Moody's analyst Saranga Ranasinghe said in a news release.

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