Moody's rates Integrated Alarm notes B3

Moody's Investors Service said it assigned a B3 rating to the proposed $125 million senior unsecured notes issuance of Integrated Alarm Services Group Inc. and a speculative grade liquidity rating of SGL-4. The outlook is stable.

Moody's said the ratings reflect the company's significant leverage, small size, high industry attrition rates, financial and operational risks related to acquisitions and weak liquidity.

Proceeds from the proposed $125 million senior unsecured notes are expected to be used to repay $48 million of existing debt, acquire substantially all of the assets and assume certain of the liabilities of National Alarm Computer Center Inc., a subsidiary of Tyco International Ltd., for about $51 million, pay fees and expenses and provide additional liquidity to the company.

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