Moody’s cuts FleetPride first-lien loan

Moody’s Investors Service said it lowered FleetPride Inc.’s senior secured first-lien term loan rating to B3 from B2 following the company's announced increase to $300 million from $225 million for its asset-based lending facility due 2025.

“The ABL borrowings maintain a priority claim on certain current assets, thus ranking the facility ahead of the first-lien term loan in Moody's loss given default framework,” the agency said in a press release.

However, Moody’s affirmed FleetPride’s B3 corporate family rating, B3-PD probability of default rating and Caa2 rating on its senior secured second-lien term loan.

The outlook is stable.

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