Moody’s assigns B2 to AnQore, loans

Moody’s Investors Service said it assigned B2 ratings to AnQore BV’s planned amended and extended senior secured bank credit facilities. The agency also gave a B2 corporate family rating and B2-PD probability of default rating to ACR I BV, the parent of AnQore. The outlook on both is stable.

“The rating assumes AnQore successfully executes on its proposed amend and extend (A&E) transaction to address the upcoming maturities of its senior secured term loan B (TLB) due December 2024 and senior secured revolving credit facility (RCF) due July 2024, such that no material stub debt remains outstanding. Following this transaction, the maturity of the TLB will be December 2027 and the RCF will be September 2027,” the agency said in a statement.

Moody’s said it sees AnQore’s adjusted EBITDA/interest expense retreating to 2x to 2.5x over the next two years, from around 5x for 2022. However, the agency said it sees the company posting negative free cash flow in 2023 and non-recurring items including contract penalties and a plant turnaround resulting in depressed EBITDA for the last 12 months through May 2023. “These considerations leave AnQore weakly positioned relative to our expectations for its B2 rating.”

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