Moody’s might lower Tereos, bonds

Moody's Investors Service said it placed the Ba2 corporate family rating and Ba2-PD probability of default rating of Tereos under review for possible downgrade, as well as the Ba3 senior unsecured rating of the €500 million bond issued at Tereos Finance Group 1, guaranteed by Tereos and maturing in 2020.

The action follows Tereos' recent weakening performance, and Moody's views that Tereos' credit metrics may remain sustainably weaker than expected for the Ba2 rating category.

The agency said the action was prompted by the gradual deterioration of Tereos generated EBITDA, which fell to €376 million after the first quarter 2015-2016 (on a Tereos-reported basis) from €453 million as of March 31, 2015, measured over last 12 months.

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