Standard Profil - comment

After Standard Profil’s Q3 results, Moody downgraded the bonds to Caa3 from Caa1, coupled with a negative outlook.  This is primarily driven by the 2nd profit warning from management, who now expect EBITDA(R) of €55-58m, down from €87-92m they expected in June (subsequently lowered to €80m in July). Standard Profil has commenced a process to evaluate refinancing options, but with the overall OEM production market remaining subdued  

The Company have appointed PWC to undertake an Independent Business Review which is expected to complete in January.  We are re-evaluating our current position, balancing the strong order book versus near-term liquidity concerns.