Moody’s changes Orion Engineered view

Moody's Investors Service said it affirmed Orion Engineered Carbons SA's Ba2 corporate family rating and Ba2-PD probability of default rating.

Moody's also affirmed the Ba2 rating on the backed senior secured bank credit facilities borrowed by Orion Engineered Carbons GmbH.

The outlook was changed to negative from stable.

“The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets,” the agency said in a news release.

“The combined credit effects of these developments are unprecedented. The automotive sector, one of Orion's key end market, has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.”

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