Moody’s cuts ThyssenKrupp, debt

Moody's Investors Service said it downgraded ThyssenKrupp AG's corporate family rating and probability of default rating to Ba2 and Ba2-PD from Ba1 and Ba1-PD, respectively.

Concurrently, the agency downgraded the rated debt (including provisional ratings) of ThyssenKrupp and ThyssenKrupp Finance Nederland BV to Ba2.

The outlook on all ratings is stable.

"The downgrade of ThyssenKrupp’s CFR and instrument ratings to Ba2 reflects Moody's view that ThyssenKrupp’s 2016 profitability will be weaker than initially expected with neutral to low negative cash flow generation and no deleveraging" Hubert Allemani, Moody's vice president, senior analyst and lead analyst for ThyssenKrupp, said in a news release.

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