Moody’s lifts Composite Resins

Moody’s Investors Service said it upgraded Composite Resins Holding BV’s corporate family rating to B1 from B2 and the probability of default rating to B1-PD from B2-PD.

Concurrently, Moody’s raised to B1 from B2 the rating of the $510 million senior secured term loan B and $90 million senior secured revolving credit facility and assigned a B1 rating to the €25 million add-on to the term loan issued by Composite Resins Subholding BV.

“The upgrade to B1 was prompted by the strong operating performance of CR in its fiscal year (FY) 19/20 ending Sept. 30, 2020, with an EBITDA increase of $47.6 million, or 32% year-on-year, to $194.3 million (company-defined). CR achieved the EBITDA increase during a challenging period when it lost 11% of its annual volumes and dealt with an adverse macro environment caused by the coronavirus outbreak,” Moody’s said in a press release.

The outlook for both entities remains stable.

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