SABIC Innovative’s provisional debt ratings cut on higher secured debt – Moody’s
MUMBAI, Aug. 15, 2007 (Thomson Financial delivered by Newstex) — Moody’s downgraded the provisional ratings on the proposed senior secured term loans and asset-based revolving facility of SABIC Innovative Plastics Holding BV to ‘(P)Ba2/LGD 3’ (41 pct) from ‘(P)Ba1/LGD 3’ (34 pct).
The revision reflects recent changes to the financing package for the acquisition of GE’s (NYSE:GE) Plastics division resulting in secured debt representing a higher proportion of the overall debt capital structure.
The outlook remains stable.
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