On April 21, 2025, Ascend Performance Materials Operations LLC filed for Chapter 11 bankruptcy protection. As result, we lowered our issuer credit rating on Ascend to ?D? from ?CCC+?. At the same time, we lowered the issue-level ratings on Ascend?s senior secured term loan to ?D? from 'CCC+'. The recovery rating is unchanged at ?3? (rounded estimate: 50%). We also lowered the ratings on the super-priority term loan to ?D? from ?B?. The recovery rating remains at ?1? (rounded estimate: 95%) As a result, we lowered all ratings on the company to ?D?. Ascend develops, produces, and sells nylon 6,6 polymers, plastics, and synthetic fibers for use in various commercial and industrial products. The company also offers various chemicals, including
