Commentary & Deal Flow

Moody's/S&P rate Luna 1.5 Sarl (Urbaser) (URBASR) EUR1bn equivalent (EUR/US$) 144A/Reg S 7yNC3 holdco sr PIK toggle notes 2-part B3/B- (negative, revised from stable/stable). Via Citi/BofA+. Moody's also downgraded Luna 2.50 Sarl's corporate family rating and sr sec debt rating to B1 from Ba3 and revised the outlook to negative from stable. S&P also downgraded Luna 2.50 Sarl's long term issuer rating and sr sec debt rating to B+ from BB-. Fitch also downgraded Luna 2.5 Sarl's issuer default rating to B from BB and secured debt to BB- from BB+, but did not assign a rating to the new holdco notes.