Moody's Investors Service ('Moody's') today placed on review for downgrade Hornbach Baumarkt AG's ("Hornbach" or the "company") Ba3 long-term corporate family rating (CFR) and its Ba3-PD Probability of Default Rating (PDR). Concurrently, Hornbach's EUR250 million worth of senior unsecured notes due 2026 (the "Bond") have also been placed on review for downgrade. "Our decision to place Hornbach's ratings on review for downgrade reflects our expectations that the spread of the coronavirus will hurt the company's earnings and its credit metrics in the first half of the company's fiscal year ending February 2021" said Francesco Bozzano, Moody's AVP and the lead analyst on Hornbach.