Axalta Coating Systems Ratings Placed Under Review for Upgrade After Akzo Merger Deal, Moody's Says
MT Newswires Live
Nov 21
Axalta Coating Systems' (AXTA) Ba2 corporate family rating and related debt ratings were placed under review for upgrade following its agreement to pursue an all-stock merger of equals with Akzo Nobel, Moody's said Friday in a report.
Moody's said the review will focus on pro forma credit metrics of the combined capital structure and any subordination risk, noting the merged company is expected to have about $17 billion in annual revenue, more than $3 billion in earnings before interest, taxes, depreciation and amortization, including synergies, and roughly $9.4 billion of debt.
Shares of Axalta Coating were up 1.9% in recent Friday trading.
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