Moody's rates Federal-Mogul loan B1

Moody's Investors Service said it assigned a B1 rating to Federal-Mogul Corp.'s proposed amended and extended senior secured term loan facility.

In a related action, Moody's assigned a Ba3 rating to the proposed amended senior secured asset based revolver and affirmed the following ratings: Federal-Mogul's corporate family and probability of default ratings at B2; senior term loan due 2015 at B1; and speculative grade liquidity rating at SGL-3.

The outlook is stable.

Federal-Mogul recently announced its intention to amend its existing asset based revolving loan facility and senior secured term loan B facility. The amendment for the asset based revolving loan facility includes increases in its commitment to $650 million from $540 million and extending its maturity date to 2017 from 2013, and certain other modifications.

The amendment for the senior secured term loan B facility includes extending $1.2 billion of the current outstandings to 2017 from 2014 and certain other modifications.

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