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Published on 8/5/2019 in the Prospect News Bank Loan Daily and Prospect News High Yield Daily.

Moody’s rates US Farathane notes B2

Moody's Investors Service said it assigned a B2 rating to US Farathane, LLC’s planned sale of $600 million of senior secured notes due 2024.

“The transaction improves liquidity through the repayment of revolver borrowings and elimination of the term loan covenant, but the negative outlook reflects US Farathane's declining earnings driven primarily by raw material cost pressure, unexpected price downs from one of its key customers and launch costs,” said Inna Bodeck, Moody's analyst, in a press release.

The agency also affirmed the company’s B2 corporate family rating, B2-PD probability of default rating and B2 rating on its first-lien term loan, saying the company’s leverage is well within estimates for a B2 rating given the operating profile.

The outlook remains negative.


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