Moody’s assigns Adient notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to the $500 million of senior secured notes to be sold by Adient US LLC.

Proceeds will be used for general corporate purposes.

The agency confirmed the ratings of Adient Global Holdings Ltd. including the corporate family rating at B2, the probability of default rating at B2-PD, the senior unsecured ratings at B3 and Adient US LLC’s senior secured facilities at Ba3.

The speculative grade liquidity rating is SGL-2. The confirmation concludes the review for downgrade started on March 25.

Moody’s changed the outlook to negative from rating under review. “The negative outlook reflects Adient’s ongoing weak credit metrics and the uncertainty around the timing of a recovery in global automotive production, and the steady-state production level following the impact of the coronavirus pandemic,” the agency said in a press release.

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