Moody's rates Rhodia notes B1

Moody's Investors Service said it assigned a provisional B1 rating to Rhodia SA's new €500 million eight-year senior unsecured fixed-rate notes. All other ratings of the group, including the rating on the existing €1.1 billion senior unsecured floating-rate notes remain unchanged.

The outlook is stable.

The new notes will rank pari passu with existing senior unsecured floating-rate notes and senior unsecured convertible bonds and will be used to repay existing senior unsecured floating-rate notes, Moody's said.

The new notes will improve Rhodia's maturity profile, spreading out the 2013 maturity on existing senior notes to 2018 notwithstanding that the new bonds are callable after four years, the agency said.

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