Moody's assigns SCIL, notes B1

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to SCIL IV LLC. Moody's also gave B1 instrument ratings to its three proposed tranches of €1.3 billion equivalent senior secured notes.

Private equity firm Black Diamond will use the proceeds to help it take control of SCIL.

Concurrently, Moody's affirmed the B1 CFR and the B1-PD PDR of Specialty Chemicals International BV and instrument ratings: the B1 rating of the €485 million guaranteed senior secured term loan B1, the €100 million guaranteed senior secured revolving credit facility issued by Specialty Chemicals Holding I BV and the B1 rating of the $60 million guaranteed senior secured term loan B2 issued by Polynt Composites USA, Inc. Moody’s changed the outlook on these entities ratings to stable from positive. Moody's expects to withdraw these ratings once the refinancing has taken place.

The outlook is stable.

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