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Moody's lowers Kemet notes
Moody's Investors Service said it affirmed Kemet Corp.'s B2 corporate family rating and lowered the rating on the senior notes to B2 from B1.
The agency said this rating action follows Kemet's plan to raise additional debt, mostly to fund acquisitions. The outlook is stable.
"Proforma for the additional debt, the debt to latest twelve months ended December 31, 2011 EBITDA will increase from 1.9x to about 2.6x," said Terry Dennehy, vice president at Moody's.
With the increase in the amount of senior notes outstanding, these notes now account for a significantly greater share of Kemet's capital structure. Due to the resulting reduced cushion provided by junior obligations, Moody's said it lowered the rating of the senior notes to B2 from B1.
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