Moody’s cuts Grupo Antolin Irausa, shifts view to stable

Moody’s Investors Service said it downgraded Grupo Antolin Irausa, SA’s corporate family rating to B2 from B1 and the probability of default rating to B2-PD from B1-PD.

Moody’s also downgraded Grupo Antolin’s senior secured notes to B2 from B1, and revised the outlook to stable from negative.

“The rating downgrade was driven by the continued pressure on Grupo Antolin’s operating profit margin and the expectation that financial leverage will remain well above our expectation for the previous B1 rating, The stable outlook reflects the expectation of a successful resolution of operating issues in the Alabama and Spartanburg facilities, which should improve Grupo Antolin’s financial leverage to below 5.5x (Moody’s adjusted debt / EBITDA), which we believe is an appropriate level for its B2 rating,” said Matthias Heck, a Moody’s vice president, senior credit officer and lead analyst for Grupo Antolin.

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