Credit Ratings

As a result of the deleveraging and based on the improved profitability of the Group over recent years, the rating agencies, Moody’s and S&P, revised the Group ratings in July 2015.

amended September 30, 2018

Rating agencies Type of Debt Rating Credit Watch Outlook
Standard & Poor’s Long-Term Corporate Credit Rating B+ No Positive
  €600 million Senior Notes due 2024 B- No  
  €350 million Senior Secured revolving credit facility (RCF) BB No  
  €500 million Senior Secured Notes due 2021 BB- No  
Moody’s Corporate Family Rating (CFR) B1 No Stable
  €600 million Senior Notes due 2024 B3 No Stable
  €500 million Senior Secured Notes due 2021 B1 No Stable

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