Moody’s assigns First American Payments facilities B2

Moody's Investors Service said it assigned a B2 rating to First American Payment Systems LP's proposed new $315 million senior secured credit facilities ($40 million first-lien revolver and $275 million first-lien term loan). The agency affirmed the corporate family rating of B2 in connection with the pending refinancing of the company's debt capital structure. The probability of default rating was downgraded to B3-PD. The rating remains stable.

Proceeds will be used to refinance the company's first-lien and second-lien credit facilities and to pay transaction costs. Moody's will withdraw the ratings on the company's existing first- and second-lien credit facilities upon completion of the planned financing.

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