Moody’s changes ASK outlook to negative

Moody’s Investors Service said it changed its outlook for ASK Chemicals International Holding GmbH and its subsidiary ASK Chemicals Deutschland Holding GmbH to negative from stable. The agency also affirmed its B3 ratings on ASK and its €225 million backed senior secured term loan B due January 2026 and €40 million backed senior secured revolving credit facility due July 2025.

“The negative outlook reflects ASK's pending maturities issued under ASK Chemicals Deutschland Holding GmbH (RCF and TLB), high-interest burden and the history of weak free cash flow generation.

“The rating affirmation reflects Moody's expectations that over the next 12-18 months ASK will experience slow improvement in end-market demand, leading to incremental improvement in EBITDA. Furthermore, ASK's current credit metrics, estimated at 5.75x debt/EBITDA and 1.5x EBITDA/Interest coverage, put the company within Moody's expectations for its B3 rating,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.