Moody’s ups Reliance Intermediate to stable

Moody's Investors Service said it affirmed Reliance Intermediate Holdings LP's Ba2 corporate family rating, Ba2-PD probability of default rating and B1 senior secured notes rating, and revised the outlook to stable from negative.

"The outlook change reflects elimination of refinancing concerns as Reliance has put in place a new C$250 million secured term loan, which together with availability under its revolver, will be used to fund C$375 million of secured notes that mature in March 2017," Moody's assistant vice president Peter Adu said in a news release.

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