Moody's: Compression Polymers loan B1

Moody's Investors Service said it affirmed the ratings of Compression Polymers Holdings LLC and its subsidiary Compression Polymers Corp. Moody's also assigned a B1 rating to the $23 million add-on to the existing first-lien senior secured term loan due 2010.

The outlook is stable.

Ratings affirmed include the company's $20 million senior secured revolver due 2009 and $90 million first-lien senior secured term loan due 2010, both at B1; $30 million second-lien senior secured term loan due 2010 at B2; senior implied rating of B1 and senior unsecured issuer rating of B3.

Moody's said the rating affirmation considers the company's strong financial performance in the first half of 2004 and the likelihood that this level of performance will be sustained over the next 18 to 24 months. For the first half of 2004, sales increased 33% over the prior-year period while EBITDA was up 31%.

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