Moody’s affirms Plaskolite

Moody's Investors Service said it affirmed all ratings for Plaskolite LLC, including the B2 corporate family rating, following the company's announcement of plans for a debt-funded dividend to its shareholders, including private equity sponsor Charlesbank, by issuing an incremental $70 million first-lien senior secured term loan B and an incremental $15 million second-lien senior secured term loan.

The outlook is stable.

"We believe that the proposed debt-funded dividend so soon after the initial rating assignment in October 2015 and amid slowing global economic growth signals more aggressive financial policies. However, raw material prices are likely to remain low enabling the company to reduce leverage at a faster rate than initially anticipated," Ben Nelson, Moody's vice president and lead analyst for Plaskolite, said in a news release.

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