Moody's lowers Raffinerie Heide view to negative

Moody's Investors Service said it changed the outlook of Raffinerie Heide GmbH to negative from stable.

The agency also affirmed the company's B3 corporate family rating, B3-PD probability of default rating and the B3 rating on its senior secured €250 million bond due 2022.

The outlook revision reflects Raffinerie Heide's weak refinery margin, which will increase the company's adjusted leverage toward 10x at the end of 2018, well above expectations of 6x for its B3 rating, Moody's said.

While maintaining adequate liquidity, next year's market environment needs to improve significantly in order to reduce leverage toward levels expected for a B3 rating, the agency said.

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