Moody's rates Doosan loan Ba3

Moody's Investors Service said it assigned a provisional B1 corporate family rating to Doosan Infracore International Inc. (DII).

At the same time, the agency assigned a provisional Ba3 rating to the proposed $1.3 billion senior secured term loan co-borrowed by DII and Doosan Holdings Europe Ltd. (DHEL, unrated).

The outlook is stable.

"The (P)B1 CFR primarily reflects DII's dominant position in the compact farm and construction equipment market in North America, as underpinned by its strong brand equity and extensive dealer networks. The rating also reflects DII and DHEL's ability to generate positive free cash flow in the next two to three years," Moody's vice president and senior credit officer Chris Park said in a news release.

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