Moody's assigns Cognor notes Caa2

Moody's Investors Service said it assigned a provisional Caa2 rating to Cognor International Finance plc's proposed €100.4 million of senior secured notes due February 2020.

At the same time, the agency upgraded Cognor SA's probability of default rating to Caa2-PD from Ca-PD/LD following the completion of its capital restructuring.

Cognor's corporate family rating was affirmed at Caa2 and the outlook was changed to stable from negative.

On Feb. 4, Cognor completed the restructuring of the senior secured notes issued in 2007 via an exchange offer governed by a scheme of arrangement that resulted in the company issuing new senior secured notes in an amount of c. €100.4 million due in February 2020, and exchangeable notes of an amount of c. €25 million due in 2021.

Based on the new capital structure, the new senior secured notes are rated provisional Caa2, at the same level than the corporate family rating, the agency said.

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