Moody’s revises Ascend view to negative

Moody's Investors Service said it changed the outlook for Ascend Performance Materials Operations LLC to negative from stable and affirmed its Ba3 corporate family rating, Ba3-PD probability of default rating and the company's senior secured term loan at Ba3.

“Ascend's negative outlook reflects its weaker than expected earnings and high debt leverage relative to the rating trigger given the extended destocking cycle and lackluster demand for Nylon 6,6 and intermediates,” Moody’s said in a press release.

The agency said it sees Ascend’s credit metrics remaining weak for the Ba3 rating in the rest of 2023 and early 2024.

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