Heckler & Koch GmbH -- Moody's changes Heckler & Koch's probability of default rating to Caa3-PD/LD following distressed exchange

Frankfurt am Main, December 21, 2015 -- Moody's Investors Service ("Moody's") has today changed Heckler & Koch GmbH's (HK) probability of default rating (PDR) to Caa3-PD/LD from Caa3-PD. The Caa3 corporate family rating (CFR) and the Caa3 senior secured rating have been affirmed. The outlook remains negative. The change of the PDR follows HK's announcement, that it repurchased a nominal amount of EUR45 million for a consideration of around EUR40 million of the company's EUR295million senior secured notes due in May 2018, which in Moody's view constitutes a distressed exchange. The company also stated its intention to conduct further debt purchases if market conditions are attractive and liquidity is deemed sufficient.

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