Moody’s drops Eco-Bat to B2

Moody's Investors Service said it downgraded Eco-Bat Technologies Ltd.’s corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD.

Concurrently, the agency affirmed the B3 rating on the senior notes due 2017 assigned at Eco-Bat Finance plc.

The outlook remains negative.

Moody’s said the downgrade reflects its expectations that Eco-Bat's margins and EBITDA will remain under pressure in 2016 as factors such as the reduced commodity prices, predominantly lead and silver, are likely to largely offset the previously expected tailwinds from meaningful capacity expansions and expected volume growth in non-lead products.

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