Moody’s downgrades Flint, facilities

Moody's Investors Service said it downgraded ColourOz MidCo’s (Flint) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

Concurrently, the agency downgraded the rating on ColourOz Investment 1 GMBH & FDS Holdings BV’s first-lien term loans and revolving credit facility to B3 from B2 and the ratings on ColourOz Investment 1 GMBH’s second-lien facility to Caa2 from Caa1.

The outlook is stable.

Moody’s said the downgrade of the corporate family rating reflects the deterioration of the company's financial metrics over the last year and the company's underperformance compared to Moody's expectations.

Flint's Moody's adjusted leverage materially increased to 7.3 times at the end of 2017 from 6.5 times two years ago.

The agency said it does not expect that Flint's leverage will decrease over the next two years to level commensurate with a B2 rating. It expects Flint's Moody's adjusted leverage to remain close to 7 times in the next 12 to 18 months.

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