Moody’s revises Kem One view to negative

Moody’s Investors Service said it changed the outlook for Lune Holdings Sarl (Kem One) to negative from stable and affirmed B1 ratings on the company and B2 rating on its senior secured global notes.

“The negative outlook reflects Moody's expectation that continued soft demand in polyvinyl chloride (PVC) and high capital expenditure will lead to significant negative free cash flow (FCF) in 2024, reducing the company's financial flexibility considerably,” the agency said in a press release.

Moody's said it expects Kem One's EBITDA, as defined and adjusted by Moody's, to be in the range of €80 million to €100 million in 2024 leading to a Moody's-adjusted gross leverage of 5x to 6x.

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