Moody's boosts Ascend Performance

Moody's Investors Service said it upgraded Ascend Performance Materials Operations LLC's corporate family rating to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD and the company's senior secured term loan to Ba3 from B1. The agency changed the outlook to stable from positive.

"Ascend's rating upgrade reflects its improved business profile through reinvestments in operational reliability and new production capacity. Such investments will improve efficiency, lift earnings and allow the company to better cope with the cyclicality in the Nylon 6,6 industry. The company has already improved its earnings in the last several years thanks to tight supply conditions, increasing sales of value-added products and more favorable long-term customer contracts, which in turn allowed it to reinvest into its business," said Jiming Zou, a Moody's vice president and lead analyst for Ascend in a press release.

© 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.