Moody’s Downgrades Heubach After Germany Insolvency Filing

Moody’s Ratings downgraded Heubach after the company said it would apply for for insolvency proceedings for its German subgroup.

• Moody’s downgraded SK Neptune Husky Intermediate IV S.a r.l.’s probability of default rating to D-PD from Caa2-PD, in a report Tuesday
  • At the same time it downgraded the corporate family rating to C from Caa2
• The downgrade of the CFR reflects “the company’s unsuccessful attempt to achieve a consensual out-of-court financial restructuring with lenders”
  • In the event of a liquidation, the rating agency expects the family recovery rate to be less than 35%
• NOTE: Jan. 4, Heubach Lenders Provide Short-Term Loan ...