21.08.2014 18:48:00

New World Resources N.V. -- Moody's downgrades NWR's CFR to Ca and its PDR to Ca-PD/LD following default at end of grace period; outlook negative

London, 21 August 2014 -- Moody's Investors Service has today downgraded the corporate family rating (CFR) of New World Resources N.V. ('NWR') to Ca and its probability of default rating (PDR) to Ca-PD/LD, from Caa3 and Caa3-PD respectively. Furthermore, the rating agency has affirmed the Caa2 rating assigned to the EUR 500 million worth of senior secured notes due in 2018, and has downgraded by one notch to C the rating of the senior unsecured notes due in 2021. The outlook on the ratings remains negative.

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