FRANKFURT (Dow Jones) – Fitch Ratings on the leaves "B"-denominated long-term issuer default rating (IDR) of Pfleiderer AG on the watch list for possible Downgrading ( "Rating Watch Negative"). Short-term IDR was with Been certified "B", with Fitch Ratings said on Friday. Since Pfleiderer has announced that it continues to be no interest payments for Make hybrid bonds of 275 million EUR, will be the appropriate rating on "CC" from "CCC" reduced.
The steps Fitch react to the announced on Monday Details for recapitalization of wood processor. The MDAX-listed group based in Neumarkt had a funding package of around EUR 800 million until the end of 2013 secured. Fitch retains the long-term IDR of Pfleiderer, however, continue on the watch list for possible downgrade, since in the Polish subsidiary Pfleiderer Grajewo SA Financing discussions are still taking. The financing volume amounts to this to around 300 million euros.
There should be no negative surprises, Fitch would Pfleiderer rating at the end of Funding negotiations are likely at the current level and confirm the long-term IDR provided with a negative outlook. To Justification refers to Fitch, the tight financial situation for the manufacturer of Wood materials, surface finishes and laminate flooring.
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(END) Dow Jones Newswires
January 15, 2010 06:56 ET (11:56 GMT)
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