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11 May 2009
EUR 250million of Rated Outstanding Debt Securities affected
Frankfurt, May 11, 2009 -- Moody's Investors Service has today downgraded the Corporate Family
and Probability of Default Ratings of Carmeuse to B1. The rating
on the EUR 250 million Senior Secured Floating Rate Guaranteed Notes issued
by Calcipar SA is also downgraded to B1. The ratings remain under
review for downgrade.
The downgrade to B1 reflects the further weakening of the operating and
credit metrics of Carmeuse following the rapid and sharp deterioration
in underlying demand for the issuer's key end markets in the last
two months of fiscal year 2008 and at the start of fiscal year 2009 driven
partly by destocking at Carmeuse's end customers but also to some
degree to more structural weakness in underlying markets. Moody's
expects operating and credit metrics to further deteriorate in the short
term due to both demand weakness and challenging comparatives from fiscal
year 2008 and does not anticipate a rapid recovery leading to credit metrics
that will not be in compliance with our previous guidance for the Ba3
rating where we had expected Debt / EBITDA as adjusted by Moody's
to be no higher than 4.0x among other factors. Moody's
notes that Carmeuse is implementing various operating and financial measures
to contain the deterioration in the operating performance and credit metrics
of the group which should help support the B1 rating during this very
sharp cyclical downturn and result in cash flow generation stabilizing
as demand levels also begin to level out.
The ratings of Carmeuse remain under review for downgrade following the
group's announcement that they have entered into pro active negotiations
with their banking group with regards to potential covenant breach risks
under its senior secured term loan and revolving credit facilities at
the testing on 30th June 2009 and on the refinancing of its EUR 107million
revolving credit facility maturing in December 2009. The review
will focus on the terms and conditions of the waiver and refinancing negotiations
and the resulting impact on the short and medium term liquidity profile
of the group.
Carmeuse had cash on balance sheet as of end of December 2008 of EUR 42.5million
and access to a EUR 195 million Revolving Credit Facility (fully drawn
at 31 December 2008) as well as to a EUR 107 million revolver maturing
in December 2009 (undrawn at 31 December 2008) and various other bilateral
facilities. A failure to refinance the EUR 107million revolver
maturing in December 2009 and to obtain covenant waivers for the group's
senior lending facilities would lead to an unsustainable liquidity position
for the Carmeuse group. Moody's also notes that Carmeuse
faces material amortizations under its term loan facilities contracted
to fund the Oglebay Norton acquisition (USD 72million in Fiscal Year 2010
and USD 108million in Fiscal Year 2011), which we understand is
also being discussed as part of the broader credit discussions.
The following ratings are affected by today's rating action:
-Carmeuse Holding S.A. -- Corporate Family Rating
/ Probability of Default Rating downgraded to B1 from Ba3
-Calcipar SA -- Senior Secured Floating Rate Guaranteed Notes
Rating downgraded to B1 from Ba3
The last rating action was on December 15, 2008 when all ratings
of Carmeuse were downgraded by one notch to Ba3 and the outlook was changed
The principal methodology used in rating Carmeuse Holding SA was the 'Global
Building Materials Industry', which can be found at www.moodys.com
in the Credit Policy & Methodologies directory, in the Ratings
Methodologies subdirectory. Other methodologies and factors that
may have been considered in the process of rating this issuer can also
be found in the Credit Policy & Methodologies directory.
Carmeuse Holding SA is the holding company for the Carmeuse Group.
Carmeuse is one of the world's leading producers of lime and lime-related
products enjoying leading positions in a number of European markets and
a number one position in North America which has been recently strengthened.
The company operates in a relatively concentrated industry with only a
handful of large players globally, while its operations are subject
to licenses and are difficult to replicate. Carmeuse reported EUR
1181 million in revenues in 2008.
David G. Staples
Corporate Finance Group
Moody's Investors Service Ltd.
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moody's downgrades Carmeuse CFR to B1; Review for Downgrade
Asst Vice President - Analyst
Corporate Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
No Related Data.
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