Moody’s has lowered the probability of default rating of Novasep Holding, a French company that makes equipment for the life sciences industries, from Ca to D, after the company was unable to pay the whole coupon on its €270m and $150m senior secured notes maturing in December 2016.
Moodys considers the non-payment of interest to be an event of default and, given that Novasep is in default on all of its debt obligations (Novasep only has senior secured notes), has assigned a PDR of D until the default is resolved, said the rating agency in its
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