Moody’s changes Sonneborn to stable

Moody's Investors Service said it affirmed Sonneborn Holdings LP's B1 corporate family rating, B1-PD probability of default rating and the B1 rating on the first-lien senior secured bank credit facilities issued by Sonneborn LLC, a fully owned guaranteed subsidiary of Sonneborn Holdings.

The first-lien senior secured credit agreement consists of a $280 million term loan facility due 2020 and a $20 million and €8 million revolving credit agreement due 2019.

The outlook was changed to stable from negative.

"The change in outlook to stable from negative reflects the quick and meaningful improvement in margins and cash balances since the refinancing late last year and the expectation that free cash flow in 2015 will be strong and contribute to further cash balance accumulation and debt reduction through the cash flow sweep covenant," Moody’s vice president Joseph Princiotta said in a news release.

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