Neles Corporation, Stock exchange release, July 17, 2020 at 8.00 pm EEST
Moody's Investors Service (Moody's) has today withdrawn the Baa2 long-term Issuer rating and (P)Baa2 senior unsecured MTN rating of Metso Corporation that was renamed to Neles, following the successful completion of the spin-off of its Minerals business.
Moody's states that it has decided to withdraw the unsolicited rating for its own business reasons. The full notification is available at Moody's website (https://www.moodys.com/research/Moodys-withdraws-Metsos-Neles-ratings-for-business-reasons--PR_428684).
Neles does not require the credit rating since the senior unsecured notes which the rating was related to were transferred to Metso Outotec at the closing of the partial demerger of Metso on June 30, 2020.
For more information, please contact:
Simo Sääskilahti, Chief Financial Officer, Neles Corporation, tel. +358 50 3863234
Neles is one of the leading providers of mission-critical flow control solutions and services for process industries. With our global team of experts and innovative solutions, we help our customers to improve their process performance and ensure the safe flow of materials. Neles is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 660 million in 2019. Neles employs about 2,900 people in approximately 40 countries. Neles was created in the partial demerger of Metso Corporation, and trading in Neles stock started on July 1, 2020.
www.neles.com, Twitter/nelesflow (http://www.twitter.com/nelesflow)
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