Moody’s rates Iris Parent Caa1

Moody's Investors Service said it assigned a Caa1 corporate family rating and Caa1-PD probability of default rating to Iris Parent Holdco, LP with a negative outlook.

Concurrently, the agency said it downgraded 100%-owned subsidiary Iris Holding, Inc.'s backed senior secured revolving ABL facility rating to B1 from Ba3, backed senior secured first-lien term loan rating to B3 from B2, and senior unsecured notes rating to Caa3 from Caa2. The outlook remains negative. Moody's withdrew Iris' B3 corporate family rating and B3-PD probability of default rating.

Iris Holding the borrower of the rated debt, is the main operating company but does not file financial statements so the agency said it analyzes the company using Iris Parent's financial statements and, therefore, reassigned the CFR and PDR to Iris Parent.

"The Caa1 CFR reflects our expectation that Iris Parent's financial leverage will remain high and its interest coverage will remain weak through 2024. We also estimate the company's cash flows will not be sufficient to drive deleveraging below 7x in 2024," said Aziz Al Sammarai, a Moody's AVP and analyst, in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.