Moody's changes Axalta outlook to stable

Moody's Investors Service said it changed the outlook for Axalta Coating Systems Ltd. to stable from positive and affirmed its Ba3 corporate family rating, the Ba1 ratings on the senior secured first-lien revolver and term loans of Axalta's wholly owned subsidiaries––Axalta Coating Systems Dutch Holding BBV, co-borrower Axalta Coating Systems U.S. Holdings Inc.; and the B1 ratings on the dollar- and euro-denominated senior unsecured notes. The speculative grade liquidity rating remains SGL-1.

"Axalta's credit metrics have not improved as expected in 2022 as a strong U.S. dollar and raw material headwinds in the first half have been replaced by concerns over the potential for slowing demand going into the fourth quarter and 2023," stated John Rogers, a Moody's senior vice president and lead analyst for Axalta, in a press release.

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