Moody’s gives AMG loans Ba3

Moody’s Investors Service said it assigned a Ba3 rating to AMG Advanced Metallurgical Group NV's new revolving credit facility maturing in 2026 and the new term loan B maturing in 2028. The agency also changed the outlook to positive from stable.

The Ba3 ratings reflect their priority position in AMG’s capital structure, strong liquidity position and pre-funded nature of the growth projects, Moody’s said.

"The change in the outlook to positive from stable reflects Moody's expectations that AMG's financial performance and credit metrics will strengthen materially in 2022-2023 benefitting from the anticipated completion of the Cambridge II and Spodumene 1+ projects, improving demand for its products and the continuing recovery in the commercial aerospace demand," said Botir Sharipov, the agency’s lead analyst for AMG, in a press release.

Moody’s also affirmed AMG’s B2 corporate family rating and B2-PD probability of default rating.

Proceeds from the new loans will be used to refinance the revolver and the term loan, pay for the transaction fees and expenses and for working capital and other general corporate purposes.

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