Moody's rates Metaldyne loan B1

Moody's Investors Service said it assigned B1 corporate family and probability of default ratings to Metaldyne, LLC and a B1 (LGD 3, 44%) rating to its $225 million senior secured term loan facility.

The outlook is stable.

The proceeds will be used to repay existing debt and fund a distribution to the company's shareholders, Moody's said.

The ratings reflect Metaldyne's modest leverage, despite the company's shareholder distribution, exposure to the cyclical automotive industry and high customer concentrations to the Detroit-3, the agency said.

The ratings also consider its operating performance since being purchased out of Chapter 11 in October 2009, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.