Moody's ups Wienerberger outlook to stable

Moody's Investors Service said it has changed the outlook for Wienerberger AG's Ba1 corporate family rating and the outlook on the Ba3 hybrid bond rating to stable from negative.

The rating action was prompted by the recently announced rights issue, which Moody's said is expected to provide Wienerberger with proceeds of around €315 million.

As Wienerberger plans to use the proceeds to reduce its indebtedness, the company's leverage ratios should improve to levels, which would position Wienerberger somewhat more in line with the Ba1 rating category though it might take some time for the company to be more firmly grounded in the current rating, Moody's said.

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