Moody's: Plasman loan Caa1

Moody's Investors Service said it assigned first-time ratings to APP Holdings LP (Plasman), consisting of a B3 corporate family rating, a B3-PD probability of default rating and Caa1 (LGD 4) second-lien secured rating to its proposed $325 million term loan B.

The outlook is stable.

Plasman's proposed financing is comprised of a C$50 million secured ABL revolving facility and the term loan B, which will be used to fund repayment of Plasman's existing debt and fund a $72 million dividend to shareholders, Moody's said.

The ratings reflect the company's small scale, narrow focus on automotive exterior plastic trim, customer concentration and cyclical industry, the agency said.

The ratings are offset by long-standing customer relationships and good revenue visibility, Moody's said.

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