London, 05 February 2014 -- Moody's Investors Service has today assigned a limited default (/LD) designation to Cognor S.A.'s Ca-PD probability of default rating (PDR). At the same time, Moody's affirmed Cognor's Caa2 corporate family rating (CFR) and the Ca-PD PDR. The change of the PDR to Ca-PD/LD follows the company's failure to repay its EUR118 million senior secured notes issued by Zlomrex International Finance S.A due 1st February 2014 and the implementation of a distressed exchange restructuring via a Scheme of Arrangement. Moody's expects to reassess the PDR, the outlook and possibly the CFR shortly to reflect the new financing structure. The Caa3 ratings on Zlomrex International Finance S.A. senior secured notes, which are exchanged have been withdrawn. The Court led restructuring of the outstanding senior secured notes was completed on Tuesday 4th February 2014. Moody's expects to remove the "/LD" suffix after approximately three business days following the debt exchange.

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