Moody's cuts Unifrax

Moody's Investors Service said it downgraded ASP Unifrax Holding, Inc.'s corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, ratings of $125 million senior secured first-lien revolving credit facility and $1.05 billion senior secured first-lien term loans including both the dollar and euro tranches to Caa1 from B3.

Moody's also downgraded the rating of the company's $250 million senior secured second-lien term loan to Caa3 from Caa2. The outlook is stable.

“The rating downgrades reflects Moody's view that the rapid spread of the coronavirus across many regions and markets that the company operates in will have a material negative impact on its already weakened credit profile and prevent the company from deleveraging over the next 12-18 months,” said Moody’s in a press release.

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