Moody's trims Haya

Moody's Investors Service said it downgraded Haya Real Estate SAU's corporate family rating to Caa2 from Caa1 and dropped the company's probability of default rating to Caa3-PD from Caa1-PD. Concurrently, Moody's trimmed to Caa2 from Caa1 the instrument rating of the senior secured fixed- and floating-rate notes maturing in November issued by Haya Finance 2017 SA, Haya's subsidiary.

"Today's rating action considers the terms of the proposed refinancing of the company's existing senior secured notes and the high likelihood that the proposed exchange offer will constitute a distressed exchange under Moody's methodology," said Fabrizio Marchesi, a Moody’s vice president and lead analyst for the company, in a press release.

"The action also reflects Moody's concerns regarding the long-term sustainability of Haya's capital structure even in the event of a successful refinancing," added Marchesi.

The outlook remains negative.

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