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Related Issuers
Rating Action:

Moody's downgrades Pearl Holding III to Caa1; outlook remains negative

09 Apr 2020

Hong Kong, April 09, 2020 -- Moody's Investors Service has downgraded Pearl Holding III Limited's corporate family rating (CFR) and senior secured bond rating to Caa1 from B3.

The outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects the increased risk of a debt restructuring or distressed exchange -- which Moody's considers a default event -- considering Pearl's unsustainable capital structure and large bond maturity in 2022," says Gloria Tsuen, a Moody's Vice President and Senior Credit Officer.

"This risk is exacerbated by the deterioration in the company's earnings and cash flow this year as a result of the coronavirus outbreak, and following already weak 2019 levels," adds Tsuen.

The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are also creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The autos and consumer electronics sector have been some of the sectors most significantly affected by the shock given their sensitivity to consumer demand and sentiment.

More specifically, the weaknesses in Pearl's credit profile, including its exposure to the auto, smartphone, and game console end-markets, as well as the significant size of its debt, have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions, and Pearl remains vulnerable to the outbreak continuing to spread.

Moody's regards the coronavirus outbreak as a social risk under its ESG framework, given the substantial implications for public health and safety. Today's action reflects the impact on Pearl of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered.

Pearl III's adjusted debt/EBITDA rose to around 8.4x in 2019 from 5.1x in 2018, and will likely continue to increase through 2020 as its earnings decline. Similarly, adjusted EBITA/interest fell to 0.5x in 2019 from 1.3x in 2018 and will likely deteriorate further this year. These ratios no longer support the company's previous B3 rating.

The company's high debt leverage and declining financial flexibility create uncertainty around its ability to refinance its $175 million in senior secured notes due in 2022. In particular, it increases the risk of a distressed exchange, such as through debt repurchases at a substantial discount in line with current trading prices, or through the restructuring of existing obligations.

Pearl III's liquidity is adequate for the next 12 months. Its cash of $15.6 million as of December 2019 can cover its modest short-term debt of $6.3 million and capital spending. However, its liquidity buffer could be easily eroded if its operating cash flow remains weak.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The negative outlook reflects the increased risk of a debt restructuring or distressed exchange.

A rating upgrade is unlikely at this moment, given the negative outlook. The outlook could return to stable if the company's capital structure and liquidity strengthen.

Moody's could downgrade the ratings further if the company's liquidity and earnings continue to weaken.

The principal methodology used in these ratings was Manufacturing Methodology published in March 2020 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1206079. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Pearl Holding III Limited (Pearl III) is a precision engineered plastic components producer, mainly engaged in the manufacture and sale of plastic injection molds and related products. It is an indirectly wholly owned subsidiary of Platinum Equity, LLC, a private equity firm, headquartered in Los Angeles.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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 credit rating action on the support provider and in relation to each particular credit 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.

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

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

At least one ESG consideration was material to the credit rating outcome announced and described above.

The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.

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.

The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating.

Gloria Tsuen, CFA
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Chris Park
Associate Managing Director
Corporate Finance Group
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: 852 3758 1350
Client Service: 852 3551 3077

No Related Data.
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