Moody’s rates AP Gaming add-on loan B3

Moody’s Investors Service said it assigned a B3 rating to AP Gaming I, LLC’s proposed $80 million incremental senior secured term loan.

Proceeds will be used to provide incremental cash liquidity.

“The additional liquidity is beneficial to improve flexibility to manage in the current weak economy including temporary customer facility closures, but the incremental debt is a credit negative increase in leverage to help cover the company’s current cash burn,” Moody’s said in a press release.

The company’s B3 corporate family rating, Caa1-PD probability of default rating and B3 rated senior secured revolver and term loan are unchanged. The company’s speculative grade liquidity rating is unchanged at SGL-3. The outlook remains negative, the agency said.

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