Moody's cuts Tekni-Plex

Moody's Investors Service said it downgraded the corporate family rating for Tekni-Plex Inc. to Caa1 from B3 and revised the outlook to negative from stable.

Moody's also downgraded the rating on a $285 million senior secured term loan due 2013 to B3 from B1.

The agency said the downgrade reflects a decline in operating performance, weak credit metrics and limited cushion under financial covenants that leaves little headroom for negative variance in operating performance.

© 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.