Moody's rates Alliant loans B1, notes Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and a B3 probability of default rating to Alliant Holdings I, LLC. The outlook is stable.

The agency said it also assigned ratings to the credit facilities to be issued in connection with the company's proposed $1.8 billion recapitalization.Moody's rated the company's $100 million first-lien revolving credit facility B1 and its $705 million first-lien term loan B1.

The agency also rated Alliant's $450 million senior unsecured notes Caa2.

The agency said the ratings of Alliant reflect its leading position in several niche markets, good business diversification and strong operating margins.

These strengths are tempered by the company's aggressive financial leverage and reduced interest coverage associated with the proposed recapitalization.

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