Moody’s assigns Ba1 CFR to Reliance Intermediate

Moody's Investors Service said it assigned a Ba1 corporate family rating and a Ba1-PD probability of default rating to Reliance Intermediate Holdings LP and confirmed the Ba2 senior secured rating of Holdings and the Baa3 senior secured rating of its subsidiary, Reliance LP.

The outlooks are stable. This action concludes a review for downgrade initiated on May 5, 2014 following Reliance's announcement that it had signed an agreement to sell its Reliance Protectron Inc. business.

"The ratings confirmation recognizes that Reliance has used the proceeds from the Protectron sale to fund the purchase of National Home Services (NHS), a water heater and HVAC business, and has not incurred additional debt to fund a dividend to its private owner," Peter Adu, Moody's lead analyst for Reliance, said in a news release.

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