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Moody's rates RC2, loans Ba3
Moody's Investors Service said it assigned a Ba3 first-time senior implied rating to RC2 Corp. and assigned a Ba3 rating to its proposed $185 million senior secured credit facilities. In addition, RC2 was assigned a speculative grade liquidity rating of SGL-2.
The outlook is stable.
Moody's said the long-term debt ratings reflect RC2's moderate leverage profile on a pro forma basis, its diversified customer base and stable, well-known license portfolio and its success to date in integrating acquisitions, while sustaining strong operating margins and expanding products and sales of the acquired businesses.
The ratings also consider RC2's ongoing business transformation from automotive replicas to a broader product array and the company's relatively short-track record in the challenging traditional toy and infant product categories, according to Moody's.
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