Moody's lifts Albemarle, rates new notes Baa1

Moody's Investors Service said it upgraded Albemarle Corp.'s $325 million senior notes due 2015 to Baa1 from Baa2 and assigned the firm's proposed $350 million senior notes due 2020 a Baa1 rating.

The outlook is stable.

The proceeds of the new notes will be used to refinance current borrowings under its revolving credit facility, for general corporate purposes and to fund a $100 million pension contribution, resulting in a net increase in debt of $100 million.

The ratings reflect improved credit metrics and expectations for continued strong performance over the next 12 to 18 months, Moody's said.

The ratings are constricted by the company's small size and the expectation that management may pursue sizable acquisitions to support future growth, the agency said.

© 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.