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Moody’s eyes Tekni-Plex negatively
Moody’s Ratings said it revised its outlook for Trident TPI Holdings, Inc. (Tekni-Plex) to negative from stable and affirmed its B3 ratings on the company, the B2 ratings on its senior secured term loans and Caa2 rating on its senior unsecured notes.
"Challenging market conditions, coupled with Trident's aggressive pursuit of debt-funded acquisitions, have weakened the company's credit metrics and funds from operations more than expected. Execution risk is elevated to realize enhanced cash flow from new business wins that require investment, and the integration of acquired assets, as we expect market conditions to only improve moderately. We do recognize the successful refinancing of the company's capital structure in April 2023 and no near-term maturities," said Scott Manduca, a vice president at Moody's, in a press release.
Trident’s Moody's-adjusted debt leverage is near 9x and its interest coverage declined below 1.5x. The agency said it also expects the company’s funds from operations to be negative at the fiscal year ending in June.
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