Moody’s assigns B1 to Ascend Performance loan

Moody's Investors Service said it assigned a B1 rating to Ascend Performance Materials Operations LLC’s planned $1.1 billion senior secured loan.

Proceeds will be used to pay about $520 million in dividends with the remainder for repaying the outstanding term loan, revolver and fees.

“We expect Ascend to exhibit strong credit metrics for its rating category, despite debt-funded dividends payments,” said Jiming Zou, Moody's vice president and lead analyst for Ascend, in a news release.

The agency also assigned a B1 corporate family rating to the company and a B1-PD probability of default rating.

The outlook is positive.

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