Moody's: TMD Friction on review, direction uncertain

Moody's Investors Service said it placed the B2 corporate family rating of TMD Friction Group SA and B2 rating of the €160 million senior secured notes issued by TMD Friction Finance SA under review with direction uncertain.

The agency said that the review was prompted by TMD Friction's announcement that its shareholders have reached agreement with Nisshinbo Holdings Inc. on the acquisition of TMD Friction Group SA by Nisshinbo. Moody's said the acquisition is subject to competition authority approval but is expected to be completed in 2011.

According to the announcement by TMD Friction, Nisshindo intends to operate TMD Friction as an independent, wholly owned subsidiary.

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