Moody's trims W.R. Grace & Co.-Conn

Moody's Investors Service said it downgraded W.R. Grace & Co.-Conn.'s corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD, first-lien senior secured credit facility to Ba2 from Ba1 and unsecured notes to B1 from Ba3.

Moody's gave a Ba2 rating to the proposed $300 million first-lien term loan, which will be pari passu with the existing senior secured credit facility. Moody's also upgraded the speculative grade liquidity rating to SGL-1 from SGL-2.

"The downgrade follows the announced acquisition of Albemarle's fine chemistry services business and additional debt financing that will result in elevated leverage and credit metrics that were already stretched for the existing Ba2 rating," said Domenick R. Fumai, a Moody's vice president and lead analyst for W.R. Grace & Co.-Conn, in a press release.

The outlook is stable.

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