Moody's may up Legrand

Moody's Investors Service said it placed the ratings of Legrand SA on review for possible upgrade in light of the intention of the company's main shareholders to float a minority stake in the company.

Affected ratings include Legrand's Ba1 corporate family rating and Legrand France's Ba1 rating on the $400 million Yankee bonds due 2025.

Moody's said the shareholders' intention to publicly list 20% of the company's shareholder capital is expected to simplify its ownership structure.

Moody's noted that the IPO itself is not expected to significantly alter the credit metrics of the company, which should remain in line with the financial year end 2005.

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