Moody’s cuts ASP Emerald

Moody's Investors Service said it downgraded ASP Emerald Holdings, LLC’s corporate family rating to B3 from B2, and Emerald Performance Materials, LLC's first-lien senior secured rating on the term loan and revolving credit facility to B2 from B1 and the second-lien senior secured term loan rating to Caa2 from Caa1.

Moody's also downgraded Emerald's probability of default rating to B3-PD from B2-PD.

The outlook is stable.

“The downgrade reflects Emerald's elevated leverage, failure to materially reduce debt, as well as the lack of EBITDA growth and weak free cash flow generation over the past years as the company get closer to its debt maturities in 2021,” Domenick R. Fumai, Moody's vice president and lead analyst, said in a news release.

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