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Rating Action:

Moody's Downgrades Crosby's CFR to B3; Outlook Stable

03 Nov 2015

Approximately $715 million of rated debt instruments affected

New York, November 03, 2015 -- Moody's Investors Service (Moody's) downgraded Crosby US Acquisition Corp's (Crosby) Corporate Family Rating (CFR) to B3 from B2 and Probability of Default Rating (PDR) to B3-PD from B2-PD. Concurrently, Moody's downgraded the first lien senior secured debt to B2 from B1 and the second lien senior secured credit facility to Caa2 from Caa1. The rating outlook is stable.

Moody's took the following rating actions on Crosby US Acquisition Corp:

Ratings Downgraded:

Corporate Family Rating, to B3 from B2;

Probability of Default Rating, to B3-PD from B2-PD;

$65 million senior secured first lien revolver due 2018, to B2 (LGD3) from B1 (LGD3);

$560 million senior secured first lien term loan due 2020, to B2 (LGD3) from B1 (LGD3);

$90 million senior secured second lien term loan due 2021, to Caa2 (LGD6) from Caa1 (LGD6).

The outlook is stable.

RATINGS RATIONALE

The ratings downgrade reflects the downturn in Crosby's oil and gas end markets and weakness in global industrial manufacturing activity that is leading to a sustained deterioration in the company's credit metrics. Moody's anticipates Crosby's total debt / EBITDA will remain elevated at over 7 times for the next 12 months (inclusive of Moody's standard accounting adjustments), a level indicative of weakened credit metrics that are consistent with a B3 CFR.

The B3 CFR balances Crosby's high leverage of over 7 times and exposure to capital-intensive and cyclical end markets against the company's global presence, strong market position and meaningful customer diversification. Moody's anticipates further contraction in Crosby's 2016 revenues due to ongoing end market weakness and foreign currency headwinds. However, Moody's also believes that business conditions for the oil and gas end market, which represents around a third of sales, will begin to improve as early as the second half of 2016. Operating margins are expected to improve as the company begins to yield greater cost savings from facility upgrades which are expected to be completed in 2017. The company's global footprint, strong market position, and good product diversity for highly-engineered lifting & rigging equipment and custom material handling solutions are supportive of the company's rating.

Moody's anticipates Crosby will have an adequate liquidity profile in 2016 supported primarily by a largely unused $65 million revolving credit facility expiring in 2018. Capital expenditures are expected to be elevated over the next year driven by the company's facility upgrades. The company has secured additional financing to fund this project. Moody's believes the company's cash balances plus revolver availability should be sufficient to finance the company's cash outlays over the next 12 to 15 months. Moody's does not anticipate borrowings will trigger the springing first lien net leverage ratio, which applies if utilization exceeds 30% of the facility. The company is expected to maintain good headroom under the first lien net leverage ratio so long as the market does not materially deteriorate in 2016. There are no financial maintenance covenants in the term loan.

The stable rating outlook reflects Moody's view that business conditions in Crosby's oil and gas end markets are anticipated to improve in the second half of 2016.

The rating could become pressured if the company's free cash flow generation was anticipated to be negative for an extended period or if liquidity deteriorates. Moreover, EBITDA less capital expenditures to interest below 1.5 times on a forecasted basis could also result in a ratings downgrade. The rating could also be downgraded if the oil rig counts were anticipated to be depressed well into 2017.

The company's high leverage and weak end markets make a ratings upgrade within the next 12 months unlikely. However, if the end markets improved meaningfully and the company demonstrated the capacity to maintain leverage below 6 times, the rating could experience upward momentum.

The principal methodology used in these ratings was Global Manufacturing Companies published in July 2014. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Crosby US Acquisition Corp, a subsidiary of Crosby Worldwide Ltd, is a manufacturer of highly-engineered lifting and rigging equipment, as well as customized material handling solutions. The company is headquartered in Tulsa, Oklahoma and had annual revenues of approximately $400 million through the LTM June 2015 period.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Paul Aran
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Robert Jankowitz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Downgrades Crosby's CFR to B3; Outlook Stable
No Related Data.
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