London, 19 October 2016 -- Moody's Investors Service, ("Moody's") has today affirmed Ideal Standard International S.A. ("Ideal Standard" or "the company") corporate family rating (CFR) of Ca and the B3 instrument rating of the Series AA Notes (15.75% Priority PIK Senior Secured Notes due 2018). Concurrently, Moody's has upgraded the instrument ratings of the Series A Notes (15.75% Priority PIK Senior Secured Notes due 2018) and the Series B Notes (15.75% / 11.75% PIK Toggle Senior Subordinated Secured Notes due 2018) to Caa1 and Caa2 from Caa3 and Ca, respectively. Moody's has also downgraded the company's probability of default rating (PDR) to Ca-PD from Caa3-PD. All instruments are issued by Ideal Standard International S.A. and the outlook for all ratings is negative.

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