Moody's says CEO departure is credit negative for ConvaTec; no rating impact

Global Credit Research - 23 Dec 2014
New York, December 23, 2014 -- Moody's Investors Service commented on the announcement by ConvaTec Healthcare A S.a.r.l that its CEO, Ken Berger, will step down and be replaced on an interim basis by Paul Moraviec, currently ConvaTec's president in Europe, Middle East and Africa, while the Board searches for a permanent successor. The unexpected leadership change is credit negative because it raises uncertainty about the company's long-term leadership and strategy, and is occurring at a time when ConvaTec faces challenges on multiple fronts. However, ConvaTec's B2 Corporate Family Rating and negative outlook are not affected by the announcement.

For more information, please refer to an issuer comment on moodys.com.