Moody's downgrades ATU’s corporate family rating
Moody's Investors Service has downgraded the corporate family rating of Germany’s A.T.U. Auto-Teile-Unger Investment GmbH & Co. KG from Caa1 to Caa2 and the company’s probability of default rating from Caa1-PD to Caa2-PD, while affirming the Caa3 rating of the issuer's 143 million euro senior subordinated floating rate notes. At the same time, Moody's has downgraded the 75 million euro senior secured floating rate notes issued by ATU from B3 to Caa1. The outlook on all the existing ratings has been changed to negative from stable.