Moody’s gives Techniplas CFR B3, notes Caa1

Moody's Investors Service said it assigned a provisional B3 corporate family rating to Techniplas, LLC.

Concurrently, the agency assigned a provisional Caa1 rating to the planned $175 million senior secured notes due 2020 to be issued by Techniplas LLC and Techniplas Finance Corp.

The outlook is positive.

The ratings reflect the company's newly proposed financing structure, which includes the abovementioned bond issuance.

Moody’s said the ratings are supported by (a) the company's diversified revenue base generated by entities which are operated largely independently and with a wide range of different products; (b) long standing customer relationship with auto OEMs and industrial companies; (c) a clear focus on highly engineered plastic components and systems; (d) the strengthened geographical diversification resulting from the acquisition of Switzerland-based Weidplas; and (e) the expectation of positive free cash flow generation going forward.

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