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Moody’s might lower RPC Group
Moody’s Investors Service said it placed RPC Group plc's long-term issuer rating of Baa3 under review for downgrade.
The agency said the action follows RPC's announcement on Jan. 23 that it has reached an agreement with Rome UK Bidco Ltd., formed on behalf of funds managed by Apollo, to recommend an offer to acquire RPC's entire share capital for a value of £3.3 billion.
The review is likely to result in a multi-notch downgrade into non-investment grade territory, if the transaction proceeds as anticipated, Moody’s said.
“The rating action reflects the significantly higher debt if the transaction proceeds as currently outlined,” the agency said in a news release.
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