Moody's turns Chromaflo view to negative

Moody's Investors Service said it changed the ASP Chromaflo Holdings II, LP's (Chromaflo) outlook to negative from stable.

"The change in outlook to negative reflects Chromaflo's higher debt leverage after the proposed issuance of $145 million in second-lien debt to facilitate dividends payment to its shareholders," said Jiming Zou, a Moody's vice president and lead analyst on Chromaflo, in a press release.

The agency said it projects Chromoflo’s adjusted debt/EBITDA will increase to mid-six times, up from 5.3x at the end of 2020.

Concurrently, Moody's affirmed Chromaflo’s B2 corporate family rating, its B2-PD probability of default rating and the B2 ratings on the senior secured first-lien term loans and revolver under ASP Chromaflo Intermediate Holdings, Inc. and B2 first-lien term loan under ASP Chromaflo Dutch I BV.

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