info

Yes No
Please Note
We brought you to this page based on your search query. If this isn't what you are looking for, you can continue to Search Results for ""
The maximum number of items you can export is 3,000. Please reduce your list by using the filtering tool to the left.
Close
Close
Email Research
Recipient email addresses will not be used in mailing lists or redistributed.
Recipient's
Email

Use semicolon to separate each address, limit to 20 addresses.
Enter the
characters you see
Can't read?
Try a new set
Send Cancel
Close
Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
OK
Close
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
OK
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
OR
Accept our Terms of Use to continue to Moodys.com:

PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

Terms of One-Time Website Use

 

1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

 

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

 

4.            You agree to read [and be bound by] the more detailed disclosures regarding Moody’s ratings and the limitations of Moody’s liability included in the Information.     

 

5.            You agree that any disputes relating to this agreement or your use of the Information, whether sounding in contract, tort, statute or otherwise, shall be governed by the laws of the State of New York and shall be subject to the exclusive jurisdiction of the courts of the State of New York located in the City and County of New York, Borough of Manhattan.​​​

I AGREE
Rating Action:

Moody's assigns Loss Given Default Assessments in EMEA for speculative-grade corporate families. Current ratings remain unchanged - Press Release IV of IV

04 Apr 2007
Moody's assigns Loss Given Default Assessments in EMEA for speculative-grade corporate families. Current ratings remain unchanged - Press Release IV of IV

London, 04 April 2007 -- Moody's Investors Service today announces the assignment of Probability of Default Ratings (PDRs) and Loss Given Default Assessments (LGDAs) for corporate families in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution, and Other sectors whose debt ratings remain unchanged in conjunction with the implementation of Moody's Loss Given Default (LGD) and Probability of Default rating methodology for existing non-financial speculative-grade corporate issuers in Europe, Middle East and Africa (EMEA).

For corporate families whose debt ratings were affected, please refer to the previous press release "Moody's implements loss given default methodology in EMEA" issued March 29, 2007.

Moody's current long-term credit ratings are opinions about expected credit loss that incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology (1) disaggregates these two key assessments in long-term ratings; (2) enhances the consistency in Moody's notching practices across industries; and (3) improves the transparency and accuracy of its ratings, reflecting different experiences of recovery across the capital structure.

Moody's assigns Probability of Default Ratings (or PDRs) to issuers, not specific debt instruments. PDRs use Moody's standard alpha-numeric scale and express the rating agency's opinion of the likelihood that an entity within a corporate family will default on any of its obligations.

Moody's assigns Loss-Given-Default Assessments (or LGDAs) to individual rated debt issues -- i.e. loans, bonds and preferred stock. Moody's opinions of expected loss are expressed as a percentage of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0%-9%) to LGD6 (loss anticipated to be 90%-100%).

This press release covers speculative-grade corporate families in EMEA in the Transportation Services, Services, Homebuilding and Building Products, Chemical, Retail and Apparel and Restaurants, Wholesale Distribution and Other sectors where Moody's Investors Service is assigning PDRs and LGDAs. (Other corporate families are covered in other press releases.) All currently outstanding debt ratings remain unchanged.

Transportation Services

Britannia Bulk Plc, B3

PDR: B2

11% Senior Secured Regular Bond/Debenture Due 2011, B3 --> B3, LGD4, 62%

CFR Marfa S.A., Ba2

PDR: Ba2

EUR120M 10.5% Senior Unsecured Regular Bond/Debenture Due 2007, Ba2 --> Ba2, LGD4, 53%

CMA CGM S.A, Ba1

PDR: Ba1

Concordia Bus Nordic AB, B3

PDR: B2

9.125% Senior Secured Regular Bond/Debenture Due 2009, B3 --> B3, LGD4, 65%

Gearbulk Holding Limited, Ba2

PDR: Ba2

Ship Finance International Limited, Ba3

PDR: Ba3

Senior Secured Bank Credit Facility, Ba2 --> Ba2, LGD3, 41%

Senior Unsecured Regular Bond/Debenture Due 2013, B1 --> B1, LGD5, 79%

Thiel Logistik A.G., B2

PDR: B2

8% Senior Subordinated Regular Bond/Debenture Due 2012, Caa1 --> Caa1, LGD6, 90%

Services

Ashtead Group plc, B1

PDR: B1

Ashtead Holdings plc

8.625% Senior Secured Regular Bond/Debenture Due 2015, B3 --> B3, LGD5, 78%

Sunbelt Rentals, Inc.

Senior Secured Bank Credit Facility Due 2011, Ba3 --> Ba3, LGD2, 29%

Ashtead Capital Inc.

9% Senior Secured Regular Bond/Debenture Due 2016, B3 --> B3, LGD5, 78%

FS Funding A/S, B2

PDR: B2

Senior Subordinated Floating Rate Global Notes Due 2016, Caa1 --> Caa1, LGD5, 89%

8.875% Senior Subordinated Regular Bond/Debenture Due 2016, Caa1 --> Caa1, LGD5, 89%

Getronics N.V., B2

PDR: B2

5.5% Senior Unsecured Conv./Exch. Bond/Debenture Due 2008, Caa1 --> Caa1, LGD5, 79%

Mirax Group LLC, B2

PDR: B2

Homebuilding & Building Products

Carmeuse Lime B.V., Ba3

PDR: Ba3

EUR175M 10.75% Senior Secured Regular Bond/Debenture Due 2012, Ba3 --> Ba3, LGD3, 44%

Dyckerhoff AG, Ba1

PDR: Ba1

Lone Star Industries Inc.

US$350M 9.25% Senior Unsecured Regular Bond/Debenture Due 2010, Ba1 --> Ba1, LGD4, 50%

HeidelbergCement AG, Ba1

PDR: Ba1

Senior Unsecured Bank Credit Facility, Ba1 --> Ba1, LGD4, 60%

DEM3000M Senior Unsecured Medium-Term Note Program, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due July 2008, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due October 2007, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due September 2008, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due November 2007, Ba1 --> Ba1, LGD4, 60%

Heidelbergcement Finance B.V.

DEM3000M Senior Unsecured Medium-Term Note Program, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due 2008, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due 2013, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due 2012, Ba1 --> Ba1, LGD4, 60%

Senior Unsecured Regular Bond/Debenture Due 2015, Ba1 --> Ba1, LGD4, 60%

5.59% Senior Unsecured Regular Bond/Debenture Due 2008, Ba1 --> Ba1, LGD4, 60%

7.375% Senior Unsecured Regular Bond/Debenture Due 2010, Ba1 --> Ba1, LGD4, 60%

Heidelbergcement Financial Services AB

EUR3000M Senior Unsecured Medium-Term Note Program, Ba1 --> Ba1, LGD4, 60%

Kaufman & Broad S.A., Ba1

PDR: Ba1

EUR150M 8.75% Senior Unsecured Regular Bond/Debenture Due 2009, Ba2 --> Ba2, LGD6, 91%

Orco Property Group S.A., B2

PDR: B2

PERI GmbH, Ba2

PDR: Ba2

Senior Unsecured Regular Bond/Debenture Due 2009, Ba2 --> Ba2, LGD4, 53%

5.625% Senior Unsecured Regular Bond/Debenture Due 2011, Ba2 --> Ba2, LGD4, 53%

Chemical

Avecia Group plc, Caa1

PDR: Caa1

US$35M Preferred Stock Preferred Stock Due 2010, Caa3 --> Caa3, LGD6, 100%

Dynea International Oy, B2

PDR: B2

SPCM SA, B1

PDR: B1

8.25% Senior Unsecured Regular Bond/Debenture Due 2013, B3 --> B3, LGD5, 85%

OJSC Concern Stirol, B3

PDR: B3

UkrChem Capital B.V.

7.875% Senior Unsecured Regular Bond/Debenture Due 2008, B3 --> B3, LGD4, 54%

OJSC Sibur Holding, Ba2

PDR: Ba2

Retail, Apparel, Restaurants

Escada AG, B1

PDR: B1

7.5% Senior Unsecured Regular Bond/Debenture Due 2012, B1 --> B1, LGD3, 49%

Focus DIY (Investments) Limited, Caa3

PDR: Caa3

Senior Secured Bank Credit Facility, Caa2 --> Caa2, LGD3, 33%

Focus (Finance) Plc

Senior Subordinated Regular Bond/Debenture Due 2015, Ca --> Ca, LGD5, 87%

Hornbach Baumarkt AG, Ba2

PDR: Ba2

6.125% Senior Unsecured Regular Bond/Debenture Due 2014, Ba3 --> Ba3, LGD4, 63%

Koninklijke Ahold N.V., Ba1

PDR: Ba1

Senior Unsecured Floating Rate EUR 66 MTNS Due 2007, Ba1 --> Ba1, LGD4, 57%

6.38%Senior Unsecured EUR 200 MTNS Due 2007, Ba1 --> Ba1, LGD4, 57%

5.88% Senior Unsecured Regular Bond/Debenture Due 2008, Ba1 --> Ba1, LGD4, 57%

5.63% Senior Unsecured Regular Bond/Debenture Due 2008, Ba1 --> Ba1, LGD4, 57%

Ahold Finance U.S.A. Inc.

6.25% Senior Unsecured Regular Bond/Debenture Due 2009, Ba1 --> Ba1, LGD4, 57%

6.88% Senior Unsecured Regular Bond/Debenture Due 2029, Ba1 --> Ba1, LGD4, 57%

8.25% Senior Unsecured Regular Bond/Debenture Due 2010, Ba1 --> Ba1, LGD4, 57%

6.50% Senior Unsecured Regular Bond/Debenture Due 2017, Ba1 --> Ba1, LGD4, 57%

5.88% Senior Unsecured Regular Bond/Debenture Due 2012, Ba1 --> Ba1, LGD4, 57%

Albert Heijn

Senior Unsecured Regular Bond/Debenture Due 2007, Ba1 --> Ba1, LGD4, 57%

X5 Retail Group N.V., B1

PDR: B1

Wholesale Distribution

Agrokor D.D., B2

PDR: B2

Senior Secured Regular Bond/Debenture Due 2011, B2 --> B2, LGD4, 53%

Other

Ordu Yardimlasma Kurumu (OYAK), Ba2

PDR: Ba2

Dogus Holding A.S., Ba3

PDR: Ba3

Ratings under review (no assignment of PDRs and LGDAs until resolution):

Transportation Services:

Stena AB

Services:

Novasaur S.A.S.

Chemical:

Rhodia S.A.

SGL Carbon AG

Retail, Apparel, Restaurants:

Ray acquisition

London
David G. Staples
Managing Director
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

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

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.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.

All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

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.

​

Moody's Integrity Hotline

Via the Internet: 
https://Moodys.ethicspoint.com
By telephone from the United States: 
Dial 1-866-330-MDYS (1-866-330-6397)
By telephone from outside the United States:  

Dial the AT&T Direct Dial Access® code for your location.

Then, at the prompt, dial 866-330-MDYS (866-330-6397).
HomeResearch & RatingsProducts & SolutionsNews & EventsCareers
Help & SupportContact UsSubmit a Complaint
Terms of UsePrivacy PolicyProprietary Rights
© 2021 Moody's Investors Service, Inc., Moody’s Analytics, Inc. and/or their affiliates and licensors. All rights reserved.