Moody’s drops UCI International

Moody's Investors Service said it downgraded UCI International, Inc.’s corporate family and probability of default ratings to Caa1 and Caa1-PD from B3 and B3-PD respectively.

UCI is the parent of United Components, Inc.

In a related action, the agency downgraded the ratings on UCI's senior secured bank credit facilities to B1 from Ba3 and senior unsecured note to Caa2 from Caa1.

The outlook remains negative.

Moody’s said the downgrade incorporates the risks around the unresolved strategic review of the ownership of the businesses operated by UCI announced in August 2014 combined with the near-term January 2016 maturity of the company's $75 million revolving credit facility.

© 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.