Cognor S.A. -- Moody's assigns Caa2-PD/LD to Cognor's PDR following debt buy back

London, 07 January 2016 -- Moody's Investors Service has today assigned a limited default (LD) indicator to Cognor S.A.'s Caa2-PD probability of default rating (PDR) which was concurrently affirmed. At the same time, Moody's affirmed Cognor's Caa2 corporate family rating (CFR) and Caa2 rating to the senior secured notes. The assignment of the PDR to Caa2-PD/LD follows the company's purchase of approximately EUR7 million at 53.8% of the nominal value to par following the modified Dutch auction initiated by Huta Stali Jakosciowych SA, a subsidiary of Cognor SA, on its senior secured notes issued by Cognor International Finance Plc due 2020. The outlook on all ratings is stable.

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