Moody's rates Emcor loan Ba1

Moody's Investors Service said it assigned a Ba1 (LGD 3, 41%) rating to Emcor Group, Inc.'s $550 million senior secured revolving credit facility due February 2013 and affirmed the company's existing Ba1 corporate family and probability of default ratings.

The outlook is stable.

The ratings take into consideration the company's healthy liquidity, conservatively reported balance sheet, competitive market position, geographic diversification and strong unadjusted credit metrics, Moody's said.

The ratings also consider the company's sizable multiemployer pension plan exposure, large bonding position with moderate revolver back-up, low operating margins and large exposure to the weakening non-residential construction market, the agency said.

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