Frankfurt am Main, December 10, 2015 -- Moody's Investors Service, ("Moody's") has today placed under review, with direction uncertain, the Caa1 Corporate Family Rating (CFR) of Bridge HoldCo 4 Ltd, the ultimate holding company for the Bridon Group (Bridon). Moody's has also placed under review the B3 ratings on the $286 million senior secured first lien term loan and the $40 million senior secured revolving credit facility of Bridge Finco LLC (Finco). Moody's has downgraded to Ca, from Caa3, the rating on the $111 million senior secured second lien term loan of Bridge Finco LLC and placed this rating under review with direction uncertain. Finally, Moody's has downgraded the Probability of Default Rating (PDR) of Bridon to Ca-PD, from Caa1-PD. The action on the PDR and the downgrade of the second lien term loan reflects the agency's view that Bridon will undertake, with high probability, a debt restructuring that could result in a loss for some creditors. Moody's would consider this expected transaction as a distressed exchange, and therefore an event of default under its criteria for assessing defaults.

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