Moody’s upgraded Cognor S.A.’s CFR to Caa1

Deniz Kılınç / İstanbul, May 4 (DHA) – Moody’s Investor’s Service has upgraded Polish-based steel manufacturer Cognor S.A’s corporate family rating (CFR) to Caa1 from Caa2.
Following the announcement on CFR, Moody’s has also upgraded the company’s probability default rating (PDR) to Caa1-PD from Caa2-PD and outstanding senior secured notes (borrowed at Cognor International Finance Plc due February 2020) to Caa1 from Caa2 and changed all the ratings on the outlook from positive to stable.
According to Moody’s, the rating for Cognor "reflects the progress made by the company in the last 12 months to improve its financial profile and liquidity".