Moody’s revises Alkegen view to negative

Moody's Investors Service said it changed the outlook for Alkegen (ASP Unifrax Holdings, Inc.) to negative from stable.

The agency also affirmed Alkegen's B3 corporate family rating, B3-PD probability of default rating, the B2 ratings on its $200 million backed senior secured first-lien revolving credit facility, $1.45 billion backed senior secured first-lien term loan maturing in 2025, including both the U.S. dollar and Euro tranches, and $800 million of backed senior secured notes due in 2028 as well as a Caa2 rating of its $400 million of backed senior unsecured notes due in 2029.

“The change in the outlook to negative is driven by the deterioration in the company's financial performance, persistently weak credit metrics, negative free cash flow and rising refinancing risk in the face of approaching term loan maturity in 2025,” Moody’s said in a press release.

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