Moody's might cut Armacell

Moody's Investors Service said it placed the B2 corporate family rating of Ultima Intermediate Sarl, the holding company of the Armacell group, under review for downgrade.

Concurrently Moody's assigned definitive ratings to the rated instruments: B2 to the $340 million seven-year first-lien term loan (€260 million) and $65 million five-year revolving credit facility (€50 million) and Caa2 to the $85 million 7.5-year second-lien term loan (€65 million), which remain unchanged from the initial assignment.

The review for downgrade of the corporate family rating was prompted by the application of the recently published revised methodology for assigning debt and equity treatment to hybrid securities of speculative-grade non financial companies with a corporate family rating of Ba1 or below, the agency said.

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