Moody’s gives Pfleiderer CFR B3, notes Caa1

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Pfleiderer GmbH.

Concurrently, the agency assigned a provisional Caa1 Rating (LGD 4, 60%) to the planned €320 million senior secured notes.

The outlooks are positive.

Moody’s said the B3 corporate family rating is supported by (a) the company's solid market position in a concentrated market with a portfolio that largely comprises products with a higher technological content, such as laminated board or high pressure laminates, in an elsewhere rather commoditized industry; (b) a well-diversified customer base with long-standing customer relationships; (c) material profit improvements as a result of restructuring measures taken since 2010; and (d) generally positive economic fundamentals.

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