Moody's rates Da-Lite notes B1

Moody's Investors Service said it assigned a B1 (LGD 4, 51%) rating to Da-Lite Screen Co., Inc.'s proposed $105 million senior unsecured notes due 2015 and affirmed its corporate family rating at B1 and probability of default at B1, along with its $98 million senior unsecured notes due 2011 at B1 (LGD 4, 51%) and speculative grade liquidity rating at SGL-2.

The outlook remains negative.

Proceeds from the proposed notes will be used to refinance Da-Lite's existing $98 million senior unsecured notes due 2011 and pay related fees and transaction expenses, Moody's said.

The ratings reflect its small scale, narrow product line and increased competition from low cost screen manufacturers, the agency said.

The rating also considers the expectation for good liquidity over the next 12 months, supported by positive free cash flow and revolver availability, Moody's added.

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