Moody’s rates Pearl Holding III notes B1

Moody's Investors Service said it assigned a first-time B1 corporate family rating to Pearl Holding III Ltd.

At the same time, the agency assigned a B1 rating to the proposed $175 million senior secured notes to be issued by the company.

The outlook is stable.

"Pearl III’s CFR primarily reflects its small scale, the fragmented and competitive nature of the tooling and molding markets, customer and business concentration, as well as the company's moderate financial leverage, following its debt-funded acquisition of Fischer Tech," Wan Hee Yoo, Moody's vice president and senior credit officer, said in a news release.

"At the same time, Pearl III's CFR also factors in the company's steady and good profitability, supported by its operating efficiency, diversified end-markets and long-standing customer relationships, and adequate liquidity that will improve further upon completion of the refinancing.”

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