Moody’s eyes Adler Pelzer for cut

Moody’s Investors Service said it placed the B3 corporate family rating and senior secured instrument ratings of Adler Pelzer Holding GmbH as well as its B3-PD probability of default rating on review for downgrade. Moody’s also changed the outlook to ratings under review from negative.

“The rating review is driven by the continued delay of the publication of Adler Pelzer’s 2019 audited financial statements, well beyond the 120-day timeline included in the financial covenants of its notes due 2024,” said Matthias Heck, a Moody’s vice president, senior credit officer and lead analyst for Adler Pelzer, in a press release.

“We expect to conclude the review during the course of August, and an unavailability of audited financials for 2019 by mid-August will likely lead to another rating downgrade,” added Heck.

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