Moody's rates Cardtronics notes B2

Moody's Investors Service said it raised Cardtronics, Inc.'s corporate family and probability of default ratings to B1 from B2 and assigned a B2 rating to its proposed $200 million of senior subordinated notes offering, the proceeds from which will be used to refinance the company's existing senior subordinated debt.

The outlook was changed to stable from positive.

The upgrade considers Cardtronics' steady deleveraging through improved profitability and repayment of debt, Moody's said, and the company's enhanced free cash flow generation.

The rating also reflect its moderate levels of financial risk, good liquidity with no material debt maturities over the next five years and good free cash flow generation relative to its scale, the agency said.

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