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Moody's: Hunter Fan loan Caa1
Moody's Investors Service said it assigned a Caa1 rating to Hunter Fan Co.'s proposed $55 million senior secured second-lien term loan due 2018.
Concurrently, the agency said it affirmed all other existing ratings including the company's B3 corporate family and probability of default ratings and the B1 first lien credit facility ratings.
The outlook is stable.
According to Moody's, the company has elected not to proceed with the $25 million one-time dividend it had proposed in November 2012. The decision to not pay the dividend is credit positive but is not enough to change the B3 corporate family rating or the stable outlook.
While Moody's said it now expects the company to maintain solid credit metrics for its B3 rating, the company's small scale, narrow product focus, and customer concentration constrain the rating.
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