Moody’s downgrades Allnex

Moody's Investors Service said it downgraded to B2 from B1 the corporate family rating and to B2-PD from B1-PD the probability of default rating of Allnex (Luxembourg) & Cy SCA.

The agency also downgraded Allnex Sarl's €730 million senior secured term loan B1, €212.5 million senior secured term loan B and its €160 million senior secured revolving credit facility ratings to B2 from B1.

Moody's also downgraded Allnex USA Inc.'s $224.35 million senior secured term loan B, $398.2 million senior secured term loan B2 and its $300 million senior secured term loan B3 ratings to B2 from B1.

The outlook was changed to stable from negative.

“The downgrade by one notch to B2 reflects the elevated leverage of debt/EBITDA of 6.0x per 2018 and the uncertain outlook in key end markets such as the automotive sector that accounts for 21% of revenue exposure and has shown weakness,” Moody’s said 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.