Prince has been able to successfully achieve cost savings, volume growth and a more favorable product mix resulting in significantly improved credit metrics. Strong demand in key end markets such as battery, electronics, appliances and sanitaryware (A&S) and metallurgical have resulted in EBITDA growth and margin expansion. As a result, standalone Debt/EBITDA, including Moody's standard adjustments, has declined from approximately 10.5x at the end of 2019 to 6.4x as of September 30, 2021.The B3 rating incorporates Moody's view that the pending acquisition of Ferro and Chromaflo will strengthen Prince's business profile as it will add significant scale, increase end market exposure and has the ability to realize meaningful cost synergies of $110 million. The transaction creates a combined company that generates sales of approximately $2 billion with a global footprint. The new company will combine core competencies in particle engineering, glass technology and color science.