Moody's rates Stoneridge loan B1

Moody's Investors Service said it assigned a B1 rating (LGD3, 43%) to Stoneridge, Inc.'s $200 million guaranteed senior secured term loan and affirmed the issuer's B1 corporate family and probability-of-default ratings.

The outlook is negative.

The ratings acknowledge improved financial performance but also consider the potential for variability in growth stemming from industry pressures, Moody's said. The company also benefits from debt refinancing, which will help improve its interest coverage, the agency said.

The negative outlook considers that the company's markets continue to be challenged by the volume demand impact of tighter emission requirement, Moody's said.

For the past 12 months ended March 31, Stoneridge's total debt-to-EBITDA leverage was 3.5 times, the agency said.

© 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.