German waste facility management firm ALBA Group plc&Co. KG announced during its bond investor call for the third quarter of 2014 that there was a "significant" cash outflow to purchase the shares tendered by minority shareholders in October 2014. This will affect the group's liquidity in financial year 2015, particularly in the first half of the year, when the group's working capital needs tend to build up. We are therefore placing our 'B' rating on ALBA Group on CreditWatch negative. We expect to resolve the CreditWatch in the next few weeks after discussing with the management its updated liquidity situation and alternative liquidity options. On Dec. 5, 2014, Standard&Poor's Ratings Services placed its 'B' long-term corporate
