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Moody's rates Tank loans B1
Moody's Investors Service said it assigned a corporate family rating and probability of default rating of B2 to Roto Acquisition Corp., doing business as Tank Holding Corp.
Concurrently, Moody's assigned a B1 rating to the new $355 million first-lien term loan and to its $50 million revolving credit facility.
The outlook is stable.
Moody's said the ratings reflect the company's small revenue base with 2011 revenues of roughly $242 million, commodity risk exposure, and meaningful end market concentration into the agricultural segment.
The ratings reflect initial leverage of over 6x based on 2011 financial results, weighed against low capital expenditures and strong margins, the agency said.
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