Moody’s puts Rain Carbon on review

Moody’s Investors Service said it placed under review for downgrade Rain Carbon Inc.’s B1 corporate family rating, B1-PD probability of default rating, the ratings of Ba3 senior secured revolving facility and B2 senior secured second-lien notes and the Ba3 rating of senior secured euro term facility of Rain Carbon GmbH, a wholly owned subsidiary.

“The review reflects softening market conditions in U.S., Europe and Asia, particularly in aluminum and automotive sectors, which in conjunction with petcoke import restrictions implemented by India and RCI’s capex requirements, will likely constrain EBITDA and free cash flow generation and limit the company's ability to reduce currently high leverage,” said Botir Sharipov, a Moody’s vice president and lead analyst for Rain Carbon, in a news release.

© 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.