Moody's boosts Doncasters

Moody's Ratings said it upgraded the corporate family rating of precision parts manufacturer Alloy Parent Ltd. (Doncasters) to B3 from Caa1 and its probability of default rating to B3-PD from Caa1-PD. Concurrently, Moody's withdrew the Caa1 instrument ratings on the backed senior secured first-lien bank credit facilities due 2024 issued by Doncasters US Finance LLC and Doncasters US LLC.

The outlook remains stable for Doncasters. Subsequently, Moody’s withdrew the outlooks for Doncasters US Finance LLC and Doncasters US LLC.

Doncasters borrowed a new six-year $500 million senior secured term loan B. It currently matures in December 2027, but may be extended. It used the loan to repay all its outstanding first-lien debt, which was due in December, and $70 million of borrowings from its asset-based lending facility.

“The successful refinancing of both the term loan and the ABL was a key driver of the upgrade. It reflects good financial risk management, a governance factor,” Moody’s said in a press release.

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