New York, October 28, 2015 -- Moody's Investors Service downgraded Platform Specialty Products Corporation's Corporate Family Rating (CFR) to B2 from B1. The downgrade follows the company's announced issuance of $1.875 billion in new debt to fund the Alent plc acquisition (expected to close by December 2015), which raises leverage and elevates the integration demands on management. In conjunction with the downgrade of the CFR, Moody's also downgraded the senior secured bank credit facilities to B2 from B1 and downgraded the rating on the unsecured notes to Caa1 from B2. Moody's also assigned B2 ratings to the proposed $1.475 billion in senior secured term loans and Caa1 to the proposed $400 million unsecured notes. To support the business needs of the larger entity, the company has also increased the size of its revolving facility under its existing senior secured term loan to $550 million from $300 million. The SGL-3 rating is unchanged. The ratings outlook is negative.

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