Moody's cuts Avio, unit

Moody's Investors Service said it downgraded the senior implied rating of Avio Holdings SpA to B1 from Ba3 and the rating of the €200 million senior unsecured notes due 2013 at Avio's subsidiary, ASPropulsion Capital BV, to B3 from B2.

The outlook is stable.

Moody's concluded that the weakening in Avio's operating results and financial position compared to initial expectations justifies the downgrade from existing rating levels. Moody's further concluded that a series of financial transactions at Avio's parent companies does not add near-term pressure to the borrowing group, although they do make it less likely that bondholders will benefit from any future equity market transactions.

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