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Moody's alters Faurecia view to negative
Moody's Investors Service said it changed the outlook to negative from stable and affirmed the Ba2 corporate family rating, Ba2-PD probability of default rating and Ba2 long-term debt ratings of Faurecia.
The change in outlook follows Faurecia reporting it agreed to buy a majority stake in Hella GmbH & Co. KGaA and launch a public tender for all outstanding Hella shares, the agency said.
Faurecia plans to pay €60 per share through a mix of €3.4 billion of cash and up to 13.58 million newly issued Faurecia shares.
“The negative outlook reflects the risk that Faurecia might not be able to restore a credit profile commensurate with the Ba2 rating within 12 to 18 months from closing of the transaction,” Moody’s said in a press release.
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