Moody’s downgrades Norican

Moody’s Investors Service said it downgraded to B3 from B2 the corporate family rating and to B3-PD from B2-PD the probability of default rating of Norican Global A/S

Moody’s also downgraded to B3 from B2 the rating on the €340 million guaranteed senior secured notes due 2023, issued by Norican A/S, a subsidiary of Norican. The outlook remains negative.

“The decision to downgrade Norican was prompted by the rapid spreading of the coronavirus, which we expect to have a material negative effect on Norican’s results and credit metrics at least during 2020, while the final implications are difficult to assess at this time,” said Goetz Grossmann, Moody’s lead analyst for Norican, in a press release.

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