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I AGREE
Related Issuers
A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG
Agrokor D.D.
Almatis Holdings BV
ALROSA PJSC
Antenna Group S.A.
Ardagh Packaging Group Ltd
ASML Holding N.V.
Avecia Group plc
Avio S.p.A.
Brake Bros Finance Plc
Brenntag Luxco SCA
Britax Group Plc
Cable & Wireless Limited
Cablecom Luxembourg SCA
Carmeuse Lime B.V.
Cell C Proprietary Limited
Central European Media Enterprises Ltd.
CGG SA
Clondalkin Industries B.V.
CMA CGM S.A.
Cognis GmbH
COLT Telecom Group Limited
Corporate Express N.V.
Corus Group plc
Damovo Group S.A.
Dynea International Oy
Eco-Bat Technologies Limited
Escada AG
EVC International N.V.
Fage Dairy Industry S.A.
Focus DIY Holdings Limited
GAL Finance S.A.
Gerresheimer AG
Gerresheimer Holdings GmbH
Getronics N.V.
Global Crossing Ltd.
Grohe Holding GmbH
H&K AG
Head N.V.
Heating Finance plc
Hornbach Baumarkt AG
IFCO Systems N.V.
Impress Holdings B.V.
Ineos N.V.
Inmarsat Holdings Limited
Invensys plc
Kabel BW Holdings GmbH
Kabel Deutschland GmbH
Kamps AG
Kappa Beheer B.V.
Kaufman & Broad S.A.
Kloeckner & Co. International GmbH
Kloeckner-Pentaplast S.A.
Koninklijke Ahold Delhaize N.V.
Kyivstar G.S.M. Joint Stock Company
Legrand S.A.
Leica Geosystems Holdings AG
Logwin AG
Lucite International Group Holdings Limited
Luxfer Holdings plc
Magnitogorsk Iron & Steel Works
Magyar Telecom B.V.
Mastercroft Limited
Mauser Beteiligungs GmbH
MegaFon PJSC
Metsa Board Corporation
Millicom International Cellular S.A.
Mobile TeleSystems PJSC
Mobiltel AD
Nobina AB
NOMA Luxembourg SA
Novasaur S.A.S.
Nycomed A/S
OAO RN Holding
Odyssee 1 S.A.S.
PAO Severstal
Partner Communications Company Ltd.
Peri-Werk Artur Schwoerer GmbH & Co. KG
Piaggio & C. S.p.A.
Ray Acquisition SCA
Regus Group Plc
Remy Cointreau S.A.
Rhiag-Inter Auto Parts Italia S.p.A.
Rhodia S.A.
Safilo S.p.A.
SAS AB
SAS Denmark-Norway-Sweden
SatBirds Capital Participations
SBS Broadcasting S.A.
Seat Pagine Gialle S.p.a.
Seehafen Rostock Umschlagsgesellschaft mbH
SGL Carbon SE
Ship Finance International Limited
Sistema Capital S.A.
Smurfit Kappa Holdings plc
Stena AB
Teksid Aluminum Luxembourg Sarl SCA
Tele Columbus GmbH & Co. KG
Telenet Group Holding NV
Telewest Communications Networks Limited
TI Automotive Limited
Truvo Subsidiary Corp
TVN S.A.
United Biscuts Finance NV
UPC Polska LLC
Victoria Acquisition III BV
VimpelCom PJSC
Virgin Media Finance PLC
Visiocorp plc
Waterford Wedgwood plc
Wimm-Bill-Dann Foods OJSC
WRG Finance Plc
Yell Finance B.V.
YPF Sociedad Anonima
Rating Action:

MOODY'S WITHDRAWS ISSUER RATINGS FOR SPECULATIVE-GRADE CORPORATE ENTITIES IN THE EMEA REGION; DEBT AND CORPORATE FAMILY RATINGS ARE UNAFFECTED; NO CHANGES TO INVESTMENT-GRADE ISSUER RATINGS

16 Aug 2005

London, 16 August 2005 -- Moody's Investors Service is in the process of withdrawing the Speculative Grade Issuer Rating (also known as Senior Unsecured Issuer Rating) for corporate issuers. These actions are under the guise of the rating withdrawal project announced by Moody's in May 2005 in a press release and Special Comment. As part of this process, Moody's is withdrawing the Speculative Grade Issuer Rating of approximately 120 speculative-grade issuers in the EMEA region. Investment-grade issuer ratings are not affected by these withdrawals, as these do not carry Corporate Family (formerly known as Senior Implied) Ratings. These rating withdrawals mirror similar rating withdrawals announced for North America on 7 July 2005.

The withdrawal of Speculative Grade Issuer Ratings will have no effect on any issuer's debt ratings or Corporate Family Rating. The latter remains the benchmark rating for all speculative grade issuers and reflects the creditworthiness of the consolidated enterprise. Moody's may maintain an Issuer Rating if specifically requested by individual issuers, or in the case of speculative-grade rated entities with no rated debt.

Moody's withdrawal of the Speculative Grade Issuer Ratings is a business decision and is in no way intended to reflect any issuer-specific concerns. Additionally, Moody's no longer requires that issuer ratings be assigned to speculative grade corporate issuers. The responses to Moody's solicitation for comment on the withdrawal (issued in March 2005) indicated strong support for these actions.

As a result of the change in policy articulated in the May 2005 Special Comment, Moody's is withdrawing the Speculative Grade Issuer Ratings for the following companies in the EMEA region:

A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG

Agrokor D.D.

Ahold

Almatis Holdings BV

Alrosa Co. Ltd

Antenna TV S.A.

ASML Holding N.V.

Avecia Group plc

Avio Holding S.p.A

Brake Bros Finance Plc

Brenntag Luxco SCA

Britax Group Plc

Buhrmann N.V.

Cable & Wireless plc

Cablecom Luxembourg SCA

Caono Plc

Carmeuse Lime B.V.

Cell C PTY

Central European Media Enterprises Ltd.

Clondalkin Industries B.V.

CMA CGM S.A

Cognis GmbH

Colt Telecom Group plc

Compagnie Generale de Geophysique (CGG)

Concordia Bus AB

Corus Group plc

Damovo Group S.A.

Dynea International Oy

Eco-Bat Technologies Ltd.

Escada AG

EVC International N.V.

Fage Dairy Industry S.A.

Focus DIY Holdings Limited

GAL Finance S.A.

Gerresheimer Holdings GmbH

Getronics N.V.

Global Crossing

Grohe Holding GmbH

Head N.V.

Heating Finance plc

Heckler & Koch GmbH

Hornbach Baumarkt AG

IFCO Systems N.V.

Impress Holding BV

Ineos Group Holdings plc

Inmarsat Holdings Limited

Inter Auto Parts Italia S.p.A.

Invensys plc

JSC Tyumen Oil Company

JSG Holdings plc

Kabel BW Holdings GmbH

Kabel Deutschland GmbH

Kamps AG

Kappa Beheer B.V.

Kaufman & Broad S.A.

Klockner-Pentaplast S.A.

Kloeckner & Co. International GmbH

Kyivstar G.S.M. Joint Stock Company

Legrand Holding S.A.

Leica Geosystems Holdings AG

Lucite International Group Holdings Limited

Luxfer Holdings plc

Magnitogorsk Iron & Steel Works (MMK)

Magyar Telecom B.V.

Mastercroft Limited (Evraz)

Mauser Beteiligungs GmbH

MegaFon OJSC

Millicom International Cellular S.A.

Mobile TeleSystems OJSC

Mobiltel AD

M-real Oyj

NOMA Luxembourg SA

Novasaur S.A.S.

NTL Cable Plc

Nycomed A/S

Odyssee 1 S.A.S.

Open Joint Stock Company Vimpel-Communication

Partner Communications Company Ltd.

Peri-Werk Artur Schwoerer GmbH & Co. KG

Piaggio

Ray Acquisition SCA

Regus

Remy Cointreau S.A.

Rhodia S.A.

Safilo S.p.A.

SAS

Satbirds (Eutelsat)

SBS Broadcasting S.A.

Schefenacker AG

Seat Pagine Gialle S.p.a.

Seehafen Rostock Umschlagsgesellschaft mbH

Severstal AO

SGL Carbon AG

Ship Finance International Ltd.

Sistema Capital S.A.

Stena AB

Teksid Aluminum Luxembourg Sarl SCA

Tele Columbus AG & Co. KG

Telenet Group Holding NV

Telewest Communications Networks Limited

Thiel Logistik A.G.

TI Automotive Limited

TM Group Holdings PLC

TVN S.A.

United Biscuits Finance Plc

UPC Polska LLC

Victoria Acquisition III BV

Waterford Wedgwood plc

WDAC Subsidiary Corp.

Wimm-Bill-Dann Foods OJSC

WRG Finance PLC

Yell Finance B.V.

YPF Sociedad Anonima

London
Michel A. Madelain
Managing Director
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Paris
Eric de Bodard
Managing Director
Corporate Finance Group
Moody's France S.A.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

MOODY'S WITHDRAWS ISSUER RATINGS FOR SPECULATIVE-GRADE CORPORATE ENTITIES IN THE EMEA REGION; DEBT AND CORPORATE FAMILY RATINGS ARE UNAFFECTED; NO CHANGES TO INVESTMENT-GRADE ISSUER RATINGS
No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.

Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.