Commentary & Deal Flow

Moody's/S&P/Fitch rate Maxeda DIY Holding BV EUR400m 144A/Reg S sr sec 1st lien notes due 2016 (6y) B2/B-/B+ (expect stable/--/stable). Via GS+. Moody's has also placed Caa1 CFR and Caa1 existing sr sec notes rating on review for upgrade and will likely upgrade them to B2 with stable outlook once the new issue is completed. S&P placed the existing long-term issuer ratings on CreditWatch positive and will likely upgrade it to B- from CCC+ once the new issue is complete.