Moody’s rates AkzoNobel loans B1

Moody's Investors Service said it assigned ratings to Starfruit Finco BV (AkzoNobel Specialty Chemicals), including a B2 corporate family rating and a B2-PD probability of default rating.

The agency also assigned a B1 rating to the company's proposed €5.115 billion senior secured first-lien term loan facilities maturing in 2025 and a B1 rating to the proposed €750 million senior secured revolving credit facility maturing in 2024.

The borrowers of the senior secured term loan facilities are Starfruit Finco BV, Starfruit US Holdco LLC and Starfruit Swedish Bidco AB.

The outlook is stable.

The agency said the ratings reflect the company’s strong business profile underpinned by a well-balanced product portfolio of specialty chemicals and geographical diversification.

The ratings also reflect the company’s leading global market share and well diversified end markets providing the company with some protection against market cycle and positive momentum in its end markets supporting top line and EBITDA growth forecast, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.