Moody's ups Ferroglobe 2025 notes to B3

Moody's Investors Service said it upgraded the $345 million of backed senior secured notes due in 2025 to B3 from Caa1 issued by Ferroglobe Finance Co., plc, a subsidiary of Ferroglobe plc.

Concurrently, the agency affirmed Ferroglobe plc’s B3 corporate family rating and B3-PD probability of default rating. Moody's also withdrew the B1 instrument rating on the $60 million backed senior secured notes due in 2025 and issued by Ferroglobe Finance due to repayment.

The upgrade of the $345 million backed senior secured notes due in 2025 to B3 brings the notes' rating in line with the CFR of Ferroglobe and reflects the repayment of the priority notes from existing cash. The $345 million backed senior secured notes due in 2025 now have a first-priority position on existing asset security outside of the U.S., but remain subordinated on certain U.S. assets for which the new $100 million asset backed facility (ABL) has priority,” Moody’s said in a press release.

The outlook remains stable for both entities.

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