Moody’s cuts Heubach, will withdraw ratings

Moody's Ratings said it downgraded the probability of default rating of SK Neptune Husky Intermediate IV Sarl's (Heubach) to D-PD from Caa2-PD.

The agency said the action reflects the company's announcement of its application for insolvency proceedings in Braunschweig, Germany, for the German subgroup of the Heubach Group.

Moody's also downgraded the corporate family rating to C from Caa2, as well as the instrument ratings on the backed senior secured CHF 560 million-equivalent term loan B, and the $125 million backed senior secured revolving credit facility to C from Caa2, issued by SK Neptune Husky Finance Sarl.

The outlook on both entities remains negative.

The agency said it will withdraw the ratings after three business days.

“The downgrade of the CFR to C from Caa2 reflects the company's unsuccessful attempt to achieve a consensual out-of-court financial restructuring with lenders,” the agency said in a news release.

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