Moody's downgrades Rain Carbon

Moody's Investors Service said it downgraded Rain Carbon Inc.'s corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and the rating of the senior secured second-lien notes to B3 from B2. At the same time, Moody's affirmed the Ba3 rating of RCI's senior secured revolving facility and the Ba3 rating of the senior secured euro term facility of Rain Carbon GmbH, a wholly-owned subsidiary.

"The ratings downgrade reflects the negative impact of the coronavirus on many of RCI's end-markets, the expected deterioration in the company's credit profile, the uncertainty over certain growth projects as well as the timing and the path of the earnings recovery," said Botir Sharipov, a Moody’s vice president and lead analyst for Rain Carbon, in a press release.

The outlook is stable.

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