Ratings

Ratings awarded to Pfleiderer Group

  
RATING DATE COMPANY'S LONG-TERM RATING RATING OUTLOOK
Standard & Poor's Rating Services 24.03.2017 B+ Positive
Moody's Investors Service 22.03.2017 Ba3 Stable
Standard & Poor's Ratings Services 20.01.2017 B+ Positive
Standard & Poor's Ratings Services 29.01.2016 B Positive
Moody's Investors Service 26.01.2016 B1 Positive

Moody’s: B1 corporate family rating and a B1-PD probability of default rating awarded to Pfleiderer Group S.A.

On January 26, 2016 Moody's Investors Service has assigned a B1 corporate family rating (CFR) and a B1-PD probability of default rating (PDR) to the Company, the new ultimate top company of Pfleiderer Group, upon its successful capital increase through
a public offering and reverse takeover of Pfleiderer GmbH financed by the net proceeds from a capital increase, completed
on 19 January 2016. Concurrently, Moody’s has upgraded to B2 (LGD4) from B3 (LGD4) the rating of the EUR322 million senior secured notes (due 2019), issued by Pfleiderer GmbH. The outlook on all ratings is positive.

The B1 corporate family rating (CFR) assigned to the Company reflects the change in Pfleiderer Group corporate and legal structure following the completion of the Transaction and the Company’s intention to reduce the overall indebtedness of the combined Group. According to Moody’s, the acquisition of Pfleiderer GmbH by the Company has meaningfully enhanced the Group’s credit profile, resulting in the assigned B1 CFR with a positive outlook which is one notch higher than the withdrawn B2 CFR of Pfleiderer GmbH before the reverse takeover by the Company. The assigned B1 CFR and upgrade to B2 of the senior secured notes acknowledge Pfleiderer’s financial performance through 2015 and a strengthened position of Pfleiderer’s bondholders as a result of an enhanced security package and indirect access to cash flows generated by the Company and its subsidiaries, which had been limited prior to the acquisition.

The rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

S&P long-term corporate credit rating awarded to Pfleiderer Group S.A.

On January 20, 2017, Standard & Poor's Ratings Services raised long-term corporate credit rating on Poland-based wood panels producer Pfleiderer Group S.A. and its wholly-owned Germany-based subsidiary PCF GmbH to 'B+' from 'B' with positive outlook.

At the same time, S&P raised the issue rating of the senior secured notes issued by PCF GmbH to 'B+' from 'B' and affirmed the recovery rating at '4', indicating S&P expectation of average recovery prospects (30%).

The upgrade follows Pfleiderer's recently improving underlying operational performance and our expectation that lower interest and restructuring expenses will result in improving credit metrics in 2017 and 2018.

The rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

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