Moody’s changes Hema view

Moody's Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating on Hema BV.

Moody's affirmed the B2 instrument rating of the €600 million senior secured floating-rate notes due 2022 issued by Hema Bondco I BV and the Caa2 rating to the €150 million senior unsecured notes due 2023 issued by Hema Bondco II BV.

The agency changed the outlook to negative from stable.

“Today's change in outlook to negative reflects Hema's deteriorating operational performance and negative free cash flow generation in FY 2018 and our expectation of continued challenging trading conditions in the next 12 to 18 months owing to intense competition, slow economic growth and high cost inflation which will keep pressure on Hema's earnings and cash flows in the coming quarters,” Francesco Bozzano, Moody's assistant vice president, analyst and lead analyst, said in a news release.

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