Zinc Capital S.A. -- Moody's Upgrades Befesa to B2, Outlook Stable

Frankfurt am Main, June 05, 2015 -- Moody's Investors Service today upgraded to B2/B2-PD from B3/B3-PD the Corporate Family Rating (CFR) and Probability of Default Rating (PDR) of Befesa Holding S.a.r.l., the ultimate holding company for the Befesa Medio Ambiente Group (Befesa or BMA). Concurrently, the rating for the EUR300 million senior secured bond issued by Zinc Capital SA was upgraded to B1 from B2 and the rating for the EUR150 million PIK toggle note issued by Bilbao (Luxembourg) SA was upgraded to Caa1 from Caa2. The outlook on all ratings is stable.

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