Moody's rates Ascena loan Ba2

Moody's Investors Service said it assigned Ba2 corporate family and probability of default ratings to Ascena Retail Group, Inc.

Moody's also assigned a Ba2 rating to the company's proposed $300 million six-year secured term loan.

The outlook is stable.

Moody's also assigned a speculative grade liquidity rating of SGL-2.

Ascena announced it agreed to acquire Charming Shoppes, Inc. in a transaction valued at roughly $1 billion.

The acquisition will be funded from the combined company's available cash and investment balances, proceeds from the new term loan and drawings under a $250 million five-year asset based revolver.

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