Moody’s trims Element Materials

Moody’s Investors Service said it downgraded to B3 from B2 the corporate family rating of Element Materials Technology Ltd.

Concurrently, the agency downgraded Element’s probability of default rating to B3-PD from B2-PD and downgraded to B2 from B1 the instrument rating of the first-lien facilities borrowed by Greenrock Finance, Inc. and Greenrock Midco Ltd.

The downgrades reflect the company’s reduction in revenue and EBITDA that Moody’s said it forecasts over the next 12-18 months that could lead to Moody’s adjusted debt/EBITDA of above 7x on a sustained basis.

The agency changed the outlook to stable from negative.

The stable outlook reflects Moody’s expectation the group’s business model will remain resilient through the next 12-18 months, the agency said.

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