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Global Credit Research - 02 Sep 2010
Frankfurt am Main, September 02, 2010 -- Moody's Investor Service has today assigned a provisional (P) B1
rating to Continental's ("Conti") proposed senior secured
notes issued by Conti-Gummi Finance B.V. guaranteed
by Continental AG and certain subsidiaries of Continental AG. The
corporate family rating of Conti remains at B1 with a stable outlook.
Proceeds of the proposed notes issuance are planned to be used to refinance
part of the outstanding pro-forma debt of 7.1 billion
(as per June 30, 2010 taking into account the impact of the usage
of the net proceeds from the issuance of the 750 million notes
issued in July 2010 drawn under the company's syndicated credit
facilities due August 2012. Given the 7 year maturity of the proposed
notes a successful issue would further lengthen the uneven debt structure
of Conti as well as further reduce the currently high reliance on bank
Conti's short term liquidity is good reflecting limited debt maturities
for the next 12 months, a sizable cash position (more than 1.2
billion as of June 30, 2010) and notable availability under its
revolving credit facility as well as cash outflows for capital expenditure.
The headroom under the company's covenant test is comfortable following
the successful rights issue which was used to reduce indebtedness and
the re-setting agreed with its lending banks in December 2009.
The proposed secured senior notes will benefit from the same security
package as the bond launched in July and the existing syndicated credit
facility and rank effectively pari passu with this debt. All this
debt will benefit from guarantees of subsidiaries of Continental AG representing
more than 75% of consolidated revenues, assets and EBITDA.
Moreover, the proposed notes will also be secured by shares of operating
subsidiaries. Under Moody's Loss Given Default Methodology
this results in the provisional (P) B1 rating for the proposed senior
secured notes which is at the same level as the existing bond rating as
well as the corporate family rating of Conti.
The provisional ratings are based on the preliminary terms and conditions
received so far and are subject to our satisfactory review of the final
The principal methodologies used in rating Continental AG and Conti-Gummi
Finance B.V. were Global Automotive Supplier Industry published
in January 2009, and Loss Given Default for Speculative-Grade
Non-Financial Companies in the U.S., Canada
and EMEA published in June 2009. Other methodologies and factors
that may have been considered in the process of rating this issuer can
also be found on Moody's website.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service's information.
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Moody's Investors Service adopts all necessary measures so that the information
it uses in assigning a credit rating is of sufficient quality and from
reliable sources; however, Moody's Investors Service does not
and cannot in every instance independently verify, audit or validate
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Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
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and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
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Frankfurt am Main
Senior Vice President
Corporate Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Eric de Bodard
MD - Corporate Finance
Corporate Finance Group
Moody's France SAS
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's Deutschland GmbH
Moody's assigns a (P) B1 rating to Continental's proposed bond issue
An der Welle 5
Frankfurt am Main 60322
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