Moody’s changes First Brands view to stable

Moody's Ratings said it affirmed the ratings of First Brands Group, LLC, including its corporate family rating at B2, probability of default rating at B2-PD, senior secured first-lien debt rating at B1 and senior secured second-lien debt rating at Caa1.

The outlook has been changed to stable from positive.

“The stable outlook reflects Moody’s view that First Brands will generate steady revenue and earnings growth, but will maintain an aggressive financial policy favoring debt funded acquisitions,” Moody’s said in a news release.

“As a result, Moody's expects leverage to remain elevated and interest coverage to be constrained given the company’s high debt load.”

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