Moody’s ups DynCorp, rates loan Ba3

Moody’s Investors Service said it assigned a Ba3 rating to DynCorp International Inc.’s planned first-lien bank credit facility.

Proceeds from the planned loan and balance sheet cash will be used to recapitalize all of DynCorp’s debt.

Moody’s also upgraded DynCorp’s corporate family rating to B1 from B2.

“The upgrade reflects the transaction's debt reduction objective, to $360 million from $482 million; a lower expected interest rate and associated debt service costs; and the extended, six-year term, maturity profile,” said Bruce Herskovics, Moody's lead analyst for the company, in a news release.

The outlook is stable.

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