Moody’s lowers ABB/Con-Cise loans to B3

Moody's Investors Service said it affirmed the B3 corporate family rating of ABB/Con-Cise Optical Group LLC following the announced cancellation of the company's contemplated dividend recapitalization.

The agency also downgraded the existing credit facilities to B3 from B2.

In addition, Moody’s withdrew the ratings on the proposed first-lien senior secured credit facilities, including a $100 million senior secured revolver and a $400 million senior secured term loan B, as well as a $150 million second-lien senior secured term loan, which were to be used to complete the planned recapitalization.

The rating outlook is stable.

Prior to ABB Concise's cancellation of the proposed recapitalization, Moody's had expected to withdraw the ratings on the company's existing senior secured credit facilities. The downgrade of the ratings on those instruments now reflects the expectation that these facilities will remain in place and will represent the preponderance of debt in the capital structure

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