...- Keter Group B.V.'s (Keter's) ownership was transferred to the group's senior lenders after the previously agreed sales process did not result in a transaction that enabled the full redemption of the group's senior facilities. Subsequently, the group initiated a restructuring of its capital structure, which currently comprises a first-lien term loan B (TLB) of 1,246 million, a first-lien revolving credit facility (RCF) of 111 million, and a super-senior bridge loan of 50 million. - The proposed transaction entails reinstating 725 million of the current first-lien debt into new first-lien debt due in December 2029 and converting the remaining debt of 626 million into a new holdco PIK facility that sits outside the restricted group and is due in December 2029. We consider such a transaction as tantamount to a default, according to our criteria, and therefore lowered our ratings on Keter and its senior secured facilities to '##' from '###+', based on our expectation that this transaction...
