Moody’s turns Armacell outlook to stable

Moody’s Investors Service said it revised its outlook for Armacell (Neptune Holdco Sarl) and Neptune Bidco Sarl to stable from negative. The agency also affirmed its B3 ratings on Armacell and its senior secured loans.

“The stable outlook reflects Moody's expectation that debt/EBITDA will remain below 7x over the next 12-18 months. The stable outlook is further supported by Moody's expectations of positive FCF in 2023 and 2024. These forecasts exclude debt-funded acquisitions or shareholder distributions,” the agency said in a press release.

For the last 12 months ended June 30, Armacell’s debt/EBITDA was 7.1x down from 8.7x in 2022.

Moody’s said it sees the improvement in credit metrics coming from increased earnings, contributions from acquisitions, cost-savings and volume growth.

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