Moody’s adds LD to Covis rating

Moody's Investors Service said it appended a limited default, or LD designation, to Covis Parent SCA’s Ca-PD probability of default rating, changing it to Ca-PD/LD.

The LD reflects a limited default after the company missed payment of interest and principal due on certain of the company's backed senior secured debt facilities in December, following an agreement with a proportion of the company's lenders, Moody’s explained. The limited default designation will remain until the company resolves the missed payments.

The ratings on the loans borrowed by Covis Finco Sarl are also unchanged, comprising the Ca ratings on the outstanding $676 million equivalent backed senior secured first-lien term loans, split into a euro-denominated term loan and dollar-denominated term loan B, and the $100 million backed senior secured revolving credit facility, and the B3 rating on the backed senior secured first-lien term loan A, Moody’s added. The Caa3 corporate family rating is also unchanged.

The outlook is negative.

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