Moody's turns Medallion view to positive

Moody's Investors Service said it changed Medallion Midland Acquisition, LP's outlook to positive from stable and affirmed Medallion's B2 corporate family rating, B2-PD probability of default rating and B2 senior secured term loan rating.

The company is seeking to raise a $100 million incremental term loan, which should bring the term loan balance to around $824 million as of June 30 on a pro forma basis. Medallion will use the loan to fund a distribution to its owner.

"The positive rating outlook reflects Medallion's improving scale into 2024 while its credit metrics should remain solid despite the incremental term loan issuance," commented Amol Joshi, a Moody's vice president and senior credit officer, in a press release.

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