London, 10 February 2014 -- Moody's Investors Service today assigned a (P)Caa2 rating to Cognor International Finance proposed EUR100.4 million of senior secured notes due February 2020. At the same time Moody's upgraded Cognor S.A.'s PDR to Caa2-PD from Ca-PD/LD following the completion of its capital restructuring. Cognor's corporate family (CFR) is affirmed at Caa2. The outlook has been changed to stable from negative.

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