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Moody's: ResCap loan at Baa3
Moody's Investors Service said it assigned a Baa3 rating to Residential Capital, LLC's $190 million debtor-in-possession revolver.
Previously, Moody's said it had assigned and subsequently withdrawn a Ba1 rating to the $1.05 billion debtor-in-possession term loan A-1 and a Ba3 rating to the $200 million debtor-in-possession term loan A-2.
The agency noted that the rating is primarily driven by the following factors: i) collateral coverage available to the DIP lenders; ii) structural features of the DIP facility; iii) the size of the DIP facility relative to pre-petition debt; and iv) the cause of bankruptcy.
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