Moody's gives Wall Street Systems loans B3

Moody's Investors Service said it assigned a B3 rating to Wall Street Systems Holdings, Inc.'s (WSS) new $485 million first-lien senior secured credit facilities and affirmed the corporate family and the probability of default ratings at B3 and B3-PD, respectively.

WSS will use proceeds of the refinancing, along with proceeds from the planned sale of its FSS business, to repay the existing $381 million first-lien debt and $165 million second-lien debt.

The outlook is stable.

The ratings of the existing debt will be withdrawn following closing of the new credit facilities.

Due to the lower interest rate and reduced debt, reported interest expense will decline by $17 million (from $42 million in 2013), improving liquidity. As part of the refinancing, WSS will sell its FSS business to ION Trading Technologies, which is a subsidiary of ION Investment Group.

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