Moody's cuts Haya Holdco

Moody's Investors Service said it downgraded Haya Holdco 2 plc’s corporate family rating and the company's backed senior secured floating rate notes due November 2025 to C from Ca. Concurrently, the agency downgraded the probability of default rating to D-PD from Ca-PD to reflect Moody's view that the completion of its debt restructuring on Sept. 5, as part of an English scheme of arrangement procedure, is considered a distressed exchange, which is a default under Moody's Rating Symbols and Definitions published in May.

The outlook remains stable.

The downgrade reflects a lower initial recovery rate following the completion of the sale of 100% of the share capital of Haya Real Estate, SAU to Intrum Holding Spain, SAU and Haya Holdco's debt restructuring that resulted in a partial redemption totaling €83,679,440.10 or 24% of the amount outstanding under the backed senior secured notes issued by the company.

Moody's said it will withdraw the ratings following the backed senior secured notes' cancellation notice dated Sept. 5.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.