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Moody's rates RailAmerica loan Ba3
Moody's Investors Service said it assigned a Ba3 senior implied rating to RailAmerica Transportation Corp. and a Ba3 rating to the company's $450 million amended senior secured credit facility, which includes a $100 million revolver due 2010 and a $350 million term loan B due 2011.
Moody's said the rating actions consider the company's use of proceeds from the recent sale of Freight Australia toward the redemption, by way of a tender offer, of its $130 million of senior subordinated notes, demonstrating both significant reduction in leverage as well as prudent focus on the company's core North American business activities.
The outlook has been changed to stable from positive.
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