May 2024 – Moody’s Ratings (Moody’s) have upgraded the corporate family rating (CFR) of precision parts manufacturer Alloy Parent Limited (Doncasters) to B3 from Caa1, as well as its probability of default rating (PDR) to B3-PD from Caa1-PD.
Concurrently, Moody’s has withdrawn the Caa1 instrument ratings on the backed senior secured first lien bank credit facilities due 2024 issued by Doncasters US Finance LLC and Doncasters US LLC.
The outlook remains stable for Doncasters.
Subsequently, both outlooks for Doncasters US Finance LLC and Doncasters US LLC have been withdrawn.
The upgrades principally reflect:
- The successful refinancing of the company’s senior debt, which was maturing in 2024
- Current and projected credit ratios in line with a higher rating, with a strong industry backdrop
- Improved liquidity through the restoration of full revolving facility availability
Mike Quinn, Doncasters Chief Executive Officer commented: “We are very pleased to have Moody’s upgrade our rating to B3.
“This upgrade reflects our successful refinancing efforts, strong financial performance, and improved liquidity. We remain committed to maintaining our positive trajectory, renewing contracts on positive terms, and driving revenue and profit growth in the coming years.
“This upgraded rating is a testament to our resilience and strategic approach in navigating the challenges of our industry.”
For the Moody’s 9 May 2024 release click here.
