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Moody's adds /LD to Cognor PDR
Moody's Investors Service said it assigned a limited default (/LD) designation to Cognor SA's Ca-PD probability of default rating.
At the same time, the agency affirmed Cognor's Caa2 corporate family rating and the Ca-PD PDR.
The /LD addition to the probability of default rating follows the company's failure to repay its €118 million senior secured notes issued by Zlomrex International Finance SA due Feb. 1, 2014 and the implementation of a distressed exchange restructuring via a Scheme of Arrangement.
Moody's expects to reassess the probability of default rating, the outlook and possibly the corporate family rating shortly to reflect the new financing structure.
The outlook on all ratings remains negative.
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