Vivarte -- Moody's downgrades Novartex to Ca from Caa2; outlook developing

London, 02 August 2016 -- Moody's Investors Service, ("Moody's") has today downgraded Novartex's corporate family rating (CFR) to Ca from Caa2 and probability of default rating (PDR) to Ca-PD from Caa2-PD. Concurrently Moody's has downgraded the rating of the EUR500 million Senior Bonds maturing in October 2019 (the New Money Bonds) issued by Vivarte to Caa1 from B3 and the rating of the EUR780 million reinstated debt maturing in October 2020 (the Reinstated Debt) issued by Novarte to Ca from Caa3. Vivarte and Novarte are both subsidiaries of Novartex. The outlook on the ratings has been changed to developing from negative.

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