 Moodys Investors Service, Moodys has today affirmed the ratings of Spain-based frits, glazes and ceramic colors producer Esmalglass-Itaca-Fritta E-I-F or group. The affirmation includes the B2 corporate family rating CFR the B2-PD probability of default rating PDR of LSFX Flavum Holdco, S.L.U., the intermediate holding company of E-I-F, the B2 instrument rating on the E675 million senior secured term loans B, and the E95 million senior secured revolving credit facility currently E60 million to be increased by E35 million after the closing of the acquisition of Ferro Corporations Ferro, Ba3 negative tile coatings business, raised by LSFX Flavum Bidco, S.A.U., a direct subsidiary of the group. Although companies with an exposure to the construction industry, like E-I-F appear to be more resilient against the negative economic impact from the covid 19 pandemic, todays action reflects the impact on E-I-F of the breadth and severity of the shock, and the risk for the groups operating performance it has triggered. 