Moody's: Clondalkin loans B2, Caa2

Moody's Investors Service said it affirmed the B3 corporate family rating of Clondalkin Industries BV and upgraded the group's probability of default rating to B3-PD from Caa1-PD.

Subsequently, the agency assigned a provisional B2 rating to the proposed $350 million first-lien term loan and a provisional Caa2 rating to the proposed $105 million second-lien term loan to be issued by Clondalkin Acquisition BV.

The outlook was changed to positive from negative.

Moody's said the action is based on its assumption of a successful placement of the proposed term loans. Failure in doing so would result in significant downgrade pressure on Clondalkin's ratings due to the then unsolved refinancing of upcoming debt maturities, the agency said.

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