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Moody's Investors Services Places Metso Oyj's Long Term Issuer Rating under Review-Reuters

Thursday, 28 Mar 2013 07:05am EDT 

Reuters reported that Moody's Investors Service has placed the Baa2 Long Term Issuer Rating of Metso Oyj under review for downgrade. Concurrently, Moody's has placed the (P)Baa2 rating of the Company‚Äôs EMTN program as well as the Baa2 ratings on existing notes issued under this program under review for downgrade. The rating review has been triggered by Metso's announcement that it is considering the potential separation of the group's pulp, paper and power businesses into a new company which would be separately listed on the stock exchange. Metso aims to finalize the respective study process and announce further details about the possible demerger by the end of the second quarter of 2013. Because of Metso's low leverage as evidenced by debt/EBITDA of 2.3x and given that the businesses that may potentially be spun-off accounted for only EUR 148 million out of a total operating profit of EUR 599 million in 2012, Moody's expects that a potential downgrade, if any, would be limited to one notch. The rating review will focus on the expected business risk and capital structure of Metso Oyj as well as its financial policy and business strategy should a spin-off of the pulp, paper and power activities materialize. 

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-0.6 -1.68%
11 Jul 2014