Moody’s rates Axalta loans Ba1

Moody's Investors Service said it assigned Ba1 ratings to the senior secured first-lien term loans of Axalta's wholly owned subsidiaries – Axalta Coating Systems Dutch Holding B BV, and the co-borrower, Axalta Coating Systems U.S. Holdings Inc.

This action reflects the pending amendment to the existing credit agreement whereby by the existing dollar and euro term loans will be re-priced, have their maturities extended to 2023, as well as other amendments to certain terms and baskets in the credit agreement.

"Changes to the credit agreement are expected to be leverage neutral, while allowing for lower interest expense and an extended maturity profile," Moody’s vice president, senior credit officer Joseph Princiotta said in a news release.

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