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Rating Action:

Moody's assigns Loss Given Default Assessments in EMEA for speculative-grade corporate families. Current ratings remain unchanged - Press Release II 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 II 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 Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products 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 ratings were directly 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 Aerospace and Defence, Automotive, Forest Products, Healthcare and Pharmaceuticals, Metals and Mining, Natural Products Processor and Consumer Products sectors where Moody's is assigning PDRs and LGDAs. (Other industry sectors are being covered in separate press releases.) All currently outstanding debt ratings for these issuers remain unchanged.

Aerospace and Defence

Heckler & Koch GmbH, B2

PDR: B1

9.25% Senior Unsecured Regular Bond/Debenture Due 2011, B2-->B2, LGD4, 65%

MTU Aero Engines Investment GmbH, Ba2

PDR: Ba2

IRKUT Corporation, JSC, Ba1

PDR: Ba1

Automotive

Fiat S.p.A., Ba2

PDR: Ba2

Fiat Finance & Trade Ltd.

US$15000M Senior Unsecured Medium-Term Note Program, Ba2 -->Ba2, LGD4, 57%

6.625% Senior Unsecured Regular Bond/Debenture Due 2013, Ba2 -->Ba2, LGD4, 57%

5.625% Senior Unsecured Regular Bond/Debenture Due 2011, Ba2 -->Ba2, LGD4, 57%

EUR100M Senior Unsecured Regular Bond/Debenture Due 2009, Ba2 -->Ba2, LGD4, 57%

EUR40M Senior Unsecured Regular Bond/Debenture Due 2007, Ba2 -->Ba2, LGD4, 57%

US$7.5M 8.2% Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 -->Ba2, LGD4, 57%

US$12M 8.1% Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 -->Ba2, LGD4, 57%

EUR21M 5.5% Senior Unsecured Regular Bond/Debenture Due 2010, Ba2 -->Ba2, LGD4, 57%

EUR1000M 6.25% Senior Unsecured Regular Bond/Debenture Due 2010, Ba2 -->Ba2, LGD4, 57%

EUR14M Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 -->Ba2, LGD4, 57%

EUR15M 6.9% Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 -->Ba2, LGD4, 57%

EUR10M 6.9% Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 -->Ba2, LGD4, 57%

EUR10M Senior Unsecured Regular Bond/Debenture Due 2007, Ba2 -->Ba2, LGD4, 57%

EUR1300M 6.75% Senior Unsecured Regular Bond/Debenture Due 2011, Ba2 -->Ba2, LGD4, 57%

EUR20M 6.125% Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 -->Ba2, LGD4, 57%

EUR25M Senior Unsecured Regular Bond/Debenture Due 2011, Ba2 -->Ba2, LGD4, 57%

EUR617M 7.4% Senior Unsecured Regular Bond/Debenture Due 2011, Ba2 -->Ba2, LGD4, 57%

Fiat Finance Canada Ltd.

EUR15000M Senior Unsecured Medium-Term Note Program, Ba2 -->Ba2, LGD4, 57%

Fiat Finance North America Inc.

EUR15000M Senior Unsecured Medium-Term Note Program, Ba2 -->Ba2, LGD4, 57%

Senior Unsecured EURO MTNs, Ba2 -->Ba2, LGD4, 57%

A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG, B1

PDR: B1

Senior Subordinated Regular Bond/Debenture Due 2014, B3-->B3, LGD5, 89%

Duerr AG, B2

PDR: B2

9.75% Senior Subordinated Regular Bond/Debenture Due 2011, Caa1-->Caa1, LGD5, 86%

Europcar Groupe S.A., Ba3

PDR:Ba3

8.125% Subordinate Regular Bond/Debenture Due 2014, B2-->B2, LGD6, 93%

Senior Subordinated Regular Bond/Debenture Due 2013, B1-->B1, LGD5, 78%

TI Automotive Limited, Caa1

PDR: Caa1

Senior Secured Bank Credit Facility, B3-->B3, LGD3, 39%

GBP98.8M Senior Secured Bank Credit Facility, B3-->B3, LGD3, 39%

GBP223.3M Senior Secured Bank Credit Facility, B3-->B3, LGD3, 39%

Forest Products

M-real, B3

PDR: B3

Senior Unsecured Medium-Term Note Program, B3-->B3, LGD4, 50%

Senior Unsecured Regular Bond/Debenture Due 2007, B3-->B3, LGD4, 50%

Senior Unsecured FLT RT EUR MTNs Due 2008, B3-->B3, LGD4, 50%

5.60% Senior Unsecured EUR MTNs Due 2008, B3-->B3, LGD4, 50%

Senior Unsecured FLT RT EUR MTNs Due 2009, B3-->B3, LGD4, 50%

5.91% Senior Unsecured EUR MTNs Due 2009, B3-->B3, LGD4, 50%

Senior Unsecured FLT RT Eurobonds Due 2010, B3-->B3, LGD4, 50%

Senior Unsecured Eurobonds Due 2013, B3-->B3, LGD4, 50%

Lecta S.A.,Ba3

PDR: Ba3

EUR598M Senior Secured Regular Bond/Debenture Due 2014, Ba3-->Ba3, LGD3, 47%

EUR150M Senior Unsecured Regular Bond/Debenture Due 2014, B1-->B1. LGD5, 78%

Norske Skogindustrier ASA, Ba1

PDR: Ba1

6.125% Senior Unsecured Regular Bond/Debenture Due 2015, Ba1-->Ba1, LGD4, 55%

7.125% Senior Unsecured Regular Bond/Debenture Due 2033, Ba1-->Ba1, LGD4, 55%

US$600M 7.625% Senior Unsecured Regular Bond/Debenture Due 2011, Ba1-->Ba1, LGD4, 55%

Sappi Papier Holding GmbH, Ba1

PDR: Ba1

US$500M 6.75% Senior Unsecured Regular Bond/Debenture Due 2012, Ba1-->Ba1, LGD4, 53%

US$250M 7.5% Senior Unsecured Regular Bond/Debenture Due 2032, Ba1-->Ba1, LGD4, 53%

Healthcare and Pharmaceuticals

Fresenius AG, Ba2

PDR: Ba2

Fresenius Finance BV

5% Senior Unsecured Regular Bond/Debenture Due 2013, Ba2 -->Ba2, LGD4, 51%

5.5% Senior Unsecured Regular Bond/Debenture Due 2016, Ba2 -->Ba2, LGD4, 51%

Nycomed A/S, B1

PDR: B2

Metals and Mining

Kloeckner & Co AG, Ba3

PDR: Ba3

Kloeckner Investment S.C.A.

Senior Subordinated Regular Bond/Debenture Due 2015, B2-->B2, LGD6, 92%

Lucchini S.p.A., Ba3

PDR: Ba3

Magnitogorsk Iron & Steel Works, Ba3

PDR: Ba3

MMK Finance S.A.

Senior Unsecured Regular Bond/Debenture Due 2008, Ba3-->Ba3, LGD4, 50%

Novolipetsk Steel OJSC: Ba1

PDR: Ba1

Severstal OAO, Ba3

PDR: Ba3

Senior Unsecured Regular Bond/Debenture Due 2009, B1-->B1, LGD5, 75%

Senior Unsecured Regular Bond/Debenture Due 2014, B1-->B1, LGD5, 75%

TMK, B1

PDR: B1

TMK Capital S.A.

8.5% Senior Unsecured Regular Bond/Debenture Due 2009, B2-->B2, LGD5, 71%

Zaporizhstal OJSC, B3

PDR: B3

Alrosa Finance S.A., Ba2

PDR: Ba2

8.125% Senior Unsecured Regular Bond/Debenture Due 2008, Ba2 --> Ba2, LGD4, 50%

8.875% Senior Unsecured Regular Bond/Debenture Due 2014, Ba2 --> Ba2, LGD4, 50%

Kremikovtzi AD, Caa1

PDR: Caa1

Bulgaria Steel Finance BV

Senior Secured Regular Bond/Debenture Due 2013, Caa1 --> Caa1, LGD4, 55%

Zlomrex S.A.,B2

PDR : B2

Zlomrex International Finance S.A.

8.5% Senior Secured Regular Bond/Debenture Due 2014, Caa1-->Caa1, LGD5, 79%

Natural Products Processor and Consumer Products

Lebedyansky, OJSC, Ba3

PDR: Ba3

Remy Cointreau S.A., Ba2

PDR: Ba2.

6.5% Senior Unsecured Regular Bond/Debenture Due 2010, Ba2-->Ba2, LGD4, 53%

5.2% Senior Unsecured Regular Bond/Debenture Due 2012, Ba2-->Ba2, LGD4, 53%

Head N.V., B2

PDR:B2

HTM Sport- und Freizeitgerate AG

Senior Unsecured Regular Bond/Debenture Due 2014, B3-->B3, LGD4, 61%

Piaggio & C. S.p.A., Ba3

PDR: Ba3

Piaggio Finance S.A.

10% Senior Unsecured Regular Bond/Debenture Due 2012, Ba3-->Ba3, LGD4, 50%

Safilo S.p.A., Ba3

PDR: Ba3

Safilo Capital Intenational SA

Senior Unsecured Regular Bond/Debenture Due 2013, B2-->B2, LGD5, 89%

Barry Callebaut AG, Ba1

PDR: Ba2

Fage Dairy Industry S.A.: B1

PDR: B1

7.5% Senior Unsecured Regular Bond/Debenture Due 2015, B1-->B1, LGD4, 50%

OJSC Myronivsky Hliboproduct, B2

PDR: B2

MHP S.A

10.25% Senior Unsecured Regular Bond/Debenture Due 2011, B2-->B2, LGD4, 51%

Ulker Gida Sanayi ve Ticaret A.S., B1

PDR: B1

JSC RG Brands, B2

PDR: B2

B3 Issuer Rating withdrawn

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

Metals and Mining

Azovstal Iron & Steel Works

Corus Group plc

SUAL International Ltd

Natural Products Processor and Consumer Products

Central European Distribution Corporation

Foodcorp (Proprietary) Limited

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.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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