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Rating Action:

Moody's assigns B3 rating to Polypore's new senior unsecured notes and affirms B2 CFR

10 Nov 2010

Approximately $365 million of debt obligations affected.

New York, November 10, 2010 -- Moody's Investors Service assigned a B3 rating to Polypore International, Inc.'s (Polypore) new $365 million of senior unsecured notes, and affirmed the ratings of Polypore's bank credit facilities at Ba2. In a related action, Moody's affirmed the Corporate of Family and Probability of Default ratings of Polypore at B2. The rating outlook is positive.

The following rating was assigned:

Polypore International, Inc.

B3 (LGD5, 77%) to the $365 million of senior unsecured notes due November 2017;

The following ratings were affirmed:

B2 Corporate Family Rating;

B2, Probability of Default Rating;

Ba2 (LGD2, 23%), for the $90 million guaranteed senior secured revolving credit facility due July 2013;

Ba2 (LGD2, 23%), for the $352 million (remaining amount) guaranteed senior secured term loan due July 2014;

B3 (LGD5, 77%), for the US$ guaranteed senior subordinated notes due May 2012;

(This rating will be withdrawn upon the repayment of the notes)

B3 (LGD5, 77%), for the Euro guaranteed senior subordinated notes due May 2012

(This rating will be withdrawn upon the repayment of the notes)

RATINGS RATIONALE

Net proceeds from the issuance of the $365 million in senior unsecured notes will be used to repay the remainder of the 8¾% Senior Subordinated Notes due 2012 following the company's announcement of a tender offer and consent solicitation for all the outstanding 8¾% Senior Subordinated Notes. Moody's expects Polypore to redeem any untendered amounts following the completion of the tender.

The tender offer follows Polypore's announcement on November 3, 2010 that it issued a notice of redemption for $75 million of the 8¾% Senior Subordinated Dollar Notes. This amount together with accrued and unpaid interest, will be redeemed on December 3, 2010 and will be funded out the company's cash balances.

The new senior unsecured notes will push out the company's non-bank debt maturities to November 2017 from May 2012.

Polypore's rating outlook was changed to positive, and its Corporate Family Rating affirmed on November 4, 2010 reflecting Moody's expectation that Polypore's solid growth trends and operating performance will continue to support additional debt paydowns. See press release dated November 4, 2010.

The last announcement was on November 4, 2010 when the B2 Corporate Family Rating was affirmed and the rating outlook changed to positive.

The principal methodologies used in this rating were Global Automotive Supplier Industry published in January 2009, and Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009.

Polypore International, Inc. (Polypore), headquartered in Charlotte, NC, is a leading worldwide developer, manufacturer and marketer of specialized polymer-based membranes used in lead acid and lithium batteries as well as filtration processes used in healthcare and other industrial applications. Warburg Pincus, directly or indirectly, owns about 40% of Polypore's common stock. Net sales in 2009 were $517 million.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's Investors Service considers the quality of information available on the issuer or obligation satisfactory for the purposes of maintaining a credit rating.

Moody's adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see ratings tab on the issuer/entity page on Moodys.com for the last rating action and the rating history.

The date on which some Credit Ratings were first released goes back to a time before Moody's Investors Service's Credit Ratings were fully digitized and accurate data may not be available. Consequently, Moody's Investors Service provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

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New York
Timothy L. Harrod
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Andris G. Kalnins
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.

Moody's assigns B3 rating to Polypore's new senior unsecured notes and affirms B2 CFR
No Related Data.
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