Moody's downgrades Refresco

Moody's Investors Service said it downgraded the corporate family and probability of default ratings of Refresco Group BV to B2 from B1.

Concurrently, Moody's downgraded the rating on Refresco's €660 million of senior secured notes due 2018 to B2 from B1.

The outlook is stable.

"Today's rating action reflects our view that the challenging European market environment and dramatically increased packaging and commodity prices will negatively affect Refresco's profitability levels and credit metrics," Moody's vice president, senior analyst and lead analyst for Refresco Anthony Hill said in a news release.

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