Moody’s cuts Vantage Specialty

Moody’s Investors Service said it downgraded Vantage Specialty Chemicals, Inc.’s corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.

Moody’s also downgraded Vantage’s first-lien senior secured credit facility to Caa1 from B3 and second-lien senior secured term loan to Caa3 from Caa2.

The outlook is revised to negative.

“The downgrade and negative outlook reflects Vantage’s sustained elevated leverage, lack of free cash flow generation and weak prospects for growth in certain end markets and debt reduction over the next 12-18 months,” said Domenick R. Fumai, a Moody’s vice president and lead analyst for Vantage Specialty Chemicals, in a press release.

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