Moody’s might cut Amira CFR, PDR

Moody's Investors Service said it placed the B2 corporate family rating and B2-PD probability of default rating of Amira Nature Foods Ltd. on review for downgrade.

Concurrently, the agency withdrew the provisional B3 rating on the $225 million senior secured second-lien notes due 2020 that were to be issued jointly by Amira Nature Foods Ltd. Mauritius and Amira I Grand Foods Inc., both wholly owned subsidiaries of Amira Nature Foods Ltd.

"Today's rating action reflects the expectations that the proposed issuance of the $225 million bonds will be postponed and will not happen in the near future," Ernesto Bisagno, Moody's vice president, senior analyst and lead analyst for Amira, said in a news release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.