S&P ups ASP Unifrax

S&P said it raised its ratings on ASP Unifrax Holdings Inc. to B- from CCC+, its first-lien credit facilities to B- from CCC+ and its second-lien facilities to CCC+ from CCC. The recovery ratings are unchanged.

The agency said it forecasts ASP Unifrax will significantly lower debt leverage as S&P Global Ratings-adjusted EBITDA increases to $150 million-$175 million in 2021 on a rebound in key end markets and higher polycrystalline wool market share, raising revenue 15%-20% this year.

“We believe increased light vehicle production will likely continue to drive emission control product and battery sales while industrial activity should boost thermal management sales; air filtration demand will remain strong,” S&P said in a press release.

The outlook is stable.

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