Moody's downgrades Ascend

Moody's Ratings said it downgraded the corporate family rating of Ascend Performance Materials Operations LLC to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD. The agency also lowered the rating on the company's backed senior secured term loan to B1 from Ba3.

"The rating downgrade reflects Ascend's weak credit metrics, with a leverage ratio of more than 12x over the last 12 months ended September 2023, driven by significantly lower earnings and modestly higher debt. While we expect the company's business and financial performance will improve from the trough level in 2023, its leverage will remain elevated over the next 12-18 months, which will no longer support the Ba3 CFR," said Jin Wu, a Moody's vice president and senior analyst, in a press release.

The outlook remains negative.

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