Moody's lowers Kloeckner

Moody's Investors Service said it downgraded the corporate family rating of Kloeckner-Pentaplast SA to B2 from Ba3 and changed the outlook to stable from rating under review for downgrade.

The agency said that the rating action concludes the review process that was initiated on May 4, 2007, following the company's announcement that its existing shareholders, Cinven Ltd. and CCMP Capital Advisors, LLC, have agreed to sell their shareholdings in Kloeckner Pentaplast to Blackstone Group for a total consideration of €1.3 billion.

Additionally, Moody's said it assigned a B2 CFR to Kleopatra Lux 1 Sarl, the new ultimate consolidating holding company of all European as well as North and South American operating subsidiaries and expects to withdraw the CFR of Kloeckner shortly.

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