Moody’s cuts Eco-Bat notes, view negative

Moody's Investors Service said it affirmed the B1 corporate family rating and B1-PD probability of default rating of Eco-Bat Technologies Ltd. and revised the outlook on all ratings to negative from stable.

Concurrently, the agency downgraded the rating on the 2017 senior notes issued by Eco-Bat Finance plc to B3 from B2.

Moody’s said the outlook change reflects the rising event risk related to the €1.4 billion PIK note of Eco-Bat's parent company EB Holdings 2, Inc., which is outside the restricted group of the senior notes and matures in March 2017.

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