Moody's rates Finance Leasing notes Ba2

Moody's Investors Service said it assigned a Ba2/not-prime long-term and short-term foreign- and local-currency debt ratings to the $5 billion global debt issuance program for the issuance of notes by Greenwich Avenue Finance BV for the sole purpose of funding loans to Finance Leasing Co., which has Ba2 long-term foreign- and local-currency issuer ratings with stable view. Moody's also assigned a Ba2 long-term foreign-currency debt rating with stable outlook to the first drawdown of $150 million under this program.

Moody's said the company must comply with a certain minimum set of covenants such as negative pledge and limitation on mergers and disposals.

In the event that the company pursues further aggressive plans to leverage its business on the back of its wholesale debt's growth, the agency said the company's overall liquidity profile might experience downward pressure.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.