Moody’s rates Valet loans B3

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Valet Waste Holdings, Inc.

The agency also assigned a B3 rating to the company's proposed $245 million senior secured first-lien term loan and $30 million revolver.

The outlook is stable.

"Valet has very small scale but is a credible player in a narrow niche service segment with solid EBITDA margins and good free cash flow generation for a company of its size," Vladimir Ronin, Moody's lead analyst for the company, said in a news release.

"We estimate that initial debt/EBITDA will be relatively high at about 6.1 times, on Moody's adjusted basis."

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