Moody’s rates Solenis loans B2, Caa1

Moody’s Investors Service said it assigned a B3 corporate family rating to Solenis International, LP and assigned B2 ratings to its proposed first-lien credit facilities and a Caa1 rating to its proposed second-lien term loan.

Proceeds from the debt financings, along with about $405 million of equity from sponsor Clayton, Dubilier, and Rice, LLC, will be used to fund the purchase of the Ashland Water Technologies business from Ashland Inc. for roughly $1.7 billion and to pay transaction fees, the agency said.

The outlook is stable.

"Solenis' B3 corporate family rating reflects its high leverage and lack of operating history as a standalone entity," stated James Wilkins, a vice president at Moody's and lead analyst for Solenis.

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