Moody's affirms Sequa

Moody's Investors Service said it affirmed the corporate family and probability of default ratings of Sequa Corp. at B3, the senior secured bank credit facility at B1 and the senior notes at Caa2 upon Sequa's announcement of its acquisition of a leading independent coil coating business.

The outlook is positive.

Moody's said it anticipates only a modest initial weakening of Sequa's key credit metrics pro forma for the transaction. The transaction is likely to be accretive to Sequa's earnings profile over time as the respective business profiles are highly complementary and are expected to yield significant synergies.

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