Pfleiderer GmbH -- Moody's assigns B1 CFR to Pfleiderer Grajewo S.A.; withdraws CFR of Pfleiderer GmbH; outlook positive

Frankfurt am Main, January 26, 2016 -- Moody's Investors Service (Moody's) has today assigned a B1 corporate family rating (CFR) and a B1-PD probability of default rating (PDR) to Pfleiderer Grajewo S.A. ("Grajewo"), the new ultimate holding company of Germany-based Pfleiderer group ("Pfleiderer" or "group"), upon its successful capital increase through a public offering and reverse takeover of Pfleiderer GmbH completed on 19 January 2016. Concurrently, Moody's has upgraded to B2 (LGD4) from B3 (LGD4) the rating of the EUR322 million senior secured notes (due 2019), issued by Pfleiderer GmbH. The outlook on all ratings is positive.

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