Moody’s changes Cerdia view

Moody’s Investors Service said it affirmed the B3 corporate family rating and B3-PD probability of default rating of Cerdia Holding Sarl, as well as the B3 rating of the $600 million backed senior secured notes due February 2027 issued by financing subsidiary Cerdia Finanz GmbH.

Moody's also changed the outlook on all ratings to negative from stable.

“The negative outlook reflects Moody's expectation that declining production volumes at its facility in Russia will result in deteriorating credit metrics over the next 12 months,” the agency said in a news release.

“Cerdia faces challenges sourcing raw materials due to sanctions on importing flakes into Russia, which constrains its ability to run the Russian facility at historical production levels.”

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