Moody’s cuts Grupo Aldesa

Moody’s Investors Service said it downgraded to Caa1 from B3 the corporate family rating and to Caa1-PD from B3-PD the probability of default rating of Grupo Aldesa SA.

Moody’s also downgraded to Caa1 from B3 the instrument rating on the €250 million senior secured notes due April 2021, sold by Aldesa Financial Services S.A.

“The downgrade follows Aldesa’s weak results for the second fiscal quarter ended 30 June 2019 (Q2-19), and the group’s downward revised 2019 full year net sales and profit guidance,” said Moody’s in a news release.

The outlook on both companies is stable.

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