Moody's corrects Armacell rating

Moody's Investors Service issued a correction to its Aug. 2 rating on Ultima Intermediate Sarl, the holding company of the Armacell group.

In the first sentence, the agency corrected Ultima's corporate family rating to B3.

As previously reported, the corporate family rating was placed under review for downgrade, and the agency assigned a definitive B2 rating to the company's $340 million seven-year first-lien term loan and $65 million five-year revolving credit facility and a definitive Caa2 rating to its $85 million 7.5-year second-lien term loan.

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. Armacell's capital structure includes a €135 million shareholder loan that is currently treated as equity for calculating Moody's adjusted debt, but this treatment could change.

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