Moody’s cuts Dynacast loans to B1

Moody's Investors Service said it affirmed Dynacast International LLC's B2 corporate family and B2-PD probability of default ratings and withdrew the SGL rating.

The agency also downgraded the company's $50 million senior secured revolving credit facility due 2020 and $530 million first-lien term loan due 2022 by one notch to B1 from Ba3 due to the view that absolute debt levels will be sustained at higher levels and will remain a larger proportion of the capital structure than the ratings originally expected.

Dynacast’s operating performance is consistent with Moody’s expectations for the B2 rating category and liquidity remains adequate.

The Caa1 rating on Dynacast's $170 million second-lien term loan due 2023 was affirmed.

The outlook remains stable.

© 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.