Moody's: Exterran notes B2

Moody's Investors Service said it affirmed Exterran Holding, Inc.'s corporate family rating at Ba2, probability of default rating at Ba2-PD and senior notes rating at Ba3.

The outlook was changed to stable from negative.

Moody's also assigned a Ba3 corporate family rating, Ba3-PD and B2 rating to Exterran Partners, LP's proposed $300 million senior notes, co-issued by EXLP Finance Corp.

Proceeds for the notes offering will be used to repay outstanding indebtedness under Exterran Partners' senior secured revolving credit facility

The outlook is stable.

Moody's said Exterran's $350 million senior unsecured notes are rated Ba3, or one notch beneath the Ba2 corporate family rating, because of their junior position relative to the company's $900 million senior secured credit facility but structurally senior position to the $355 million convertible notes under Moody's Loss Given Default Methodology.

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