Moody’s rates Precision B2, MMI notes B2

Moody's Investors Service said it assigned a B2 corporate family rating to Precision Capital Private Ltd.

At the same time, the agency assigned a provisional B2 rating to the proposed senior secured notes to be issued by MMI International Ltd., and fully and unconditionally guaranteed by Precision Capital and some of its subsidiaries.

The outlook is stable.

Precision Capital is a pure holding company with 100% ownership of MMI, a leading supplier of precision-engineered components for the hard disk drive (HDD) sector.

Proceeds from the notes will be used to partly refinance existing senior secured bank debt at MMI.

"The B2 ratings reflect MMI's established position in the HDD components market, which is supported by high barriers to entry and long-term, strategic relationships with major original equipment manufacturers (OEMs)," Moody's vice president and senior credit officer Annalisa DiChiara said in a news release.

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