Following the end of the contract, Scope withdraws the D ratings of Alno and its senior unsecured bond based on the decision to cease analytical coverage.

The rating downgrade to D follows Alno AG’s (Alno) announcement on 11 July 2017 that it has filed to open insolvency proceedings under its own management (Insolvenzverfahren in Eigenverwaltung) in line with German Insolvency Code.

The downgrade of the issuer rating from CCC to CC reflects Scope’s view on the company’s deteriorated liquidity profile. The downgrade of Alno’s EUR 45m corporate bond from B- to CC follows the lower expected recovery rate for the bond.

Scope Ratings affirms the B- rating for Alno’s EUR 45m senior unsecured corporate bond (8.5% 05/2018), as well as the CICR of CCC. The Outlooks are Negative.

Scope Ratings has today affirmed the rating for Alno’s EUR 45m Senior Unsecured Corporate Bond (8.5% 05/2018) at B- and assigned a Corporate Issuer Credit Rating of CCC. The rating outlooks are Negative.

Berlin, 23. Dezember 2013 – Scope senkt den Ausblick (Outlook) für das Rating (B-) der 8,500%-Anleihe der Alno AG (DE000A1R1BR4) auf negativ. Verantwortlich dafür ist der aktuelle Umsatzrückgang in Höhe von 13%.

Scope has revised the outlook on the B- rating of Alno’s 8.5% 2013/2018 bond to negative due to the 13% contraction in revenues.