Moody's: Yioula PDR to Ca-PD

Moody's Investors Service said it revised Yioula Glassworks SA's probability of default rating to Ca-PD from Ca-PD/LD.

Subsequently, the group's Caa3 corporate family rating and the Ca bond rating were affirmed.

The outlook is stable.

Moody's said the affirmation of the group's corporate family rating and bond ratings reflects Yioula's success in terming out upcoming bank debt maturities, including a rescheduling of amortization requirements, that somewhat alleviates liquidity pressure.

At the same time, the ratings reflect that Yioula's liquidity profile will remain weak, with high amounts of short-term debt facilities as well as sizeable amortization requirements, the agency said.

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