Moody's assigns Axactor notes Ba3

Moody's Investors Service said it assigned a B3 senior unsecured debt rating to Axactor SE's planned €300 million of senior unsecured notes.

“The B3 senior unsecured debt rating reflects Axactor's B1 corporate family rating (CFR) and the application of Moody's loss given default for speculative-grade companies methodology (published in December 2015), Axactor's capital structure and particularly the priorities of claims and asset coverage in the company's current and future liability structure. The size of Axactor's secured revolving credit facility (RCF) indicates higher loss-given default for senior unsecured creditors, leading to senior unsecured rating two notches below Axactor's B1 CFR,” Moody’s said in a press release.

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