Moody’s ups Tank loans to Ba3

Moody's Investors Service said it affirmed the ratings, including the B2 corporate family rating and the B2-PD probability of default rating, of Tank Holding Corp.

Concurrently, the agency upgraded the ratings on Tank's $50 million senior secured revolving credit facility and $297 million senior secured term loan to Ba3 from B1.

The outlook remains stable.

Moody’s said the upgrade is reflective of recent paydowns of debt including a $12 million prepayment of term debt in the first half of fiscal 2014 and a $24 million prepayment of term debt during 2013. The lower levels of senior secured debt and the corresponding increase in the proportion of more junior liabilities in the capital structure resulted in an upgrade of those instruments in accordance with Moody's loss given default methodology.

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