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K+S AG -- Moody's downgrades K+S to Ba3, stable outlook, then withdraws ratings

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Moody's Investors Service today downgraded to Ba3 from Ba2 the Corporate Family Rating (CFR) of K+S AG (K+S), to Ba3-PD from Ba2-PD the probability of default rating (PDR) and to Ba3 from Ba2 the rating assigned to its EUR500 million senior unsecured bond maturing in June 2022. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.