Moody's assigns TransDigm loans Ba3

Moody's Investors Service said it assigned Ba3 ratings to TransDigm Inc.'s new senior secured term loans. All other ratings, including the B1 corporate family rating and the B1-PD probability of default rating, are unchanged. Proceeds will be used to refinance, reprice and extend the maturity of a portion of term loan debt. Ratings on the existing term loans will be withdrawn upon close. The outlook remains stable

The Ba3 ratings for TransDigm's senior secured term debt and senior secured bonds are a notch above the CFR, reflecting their seniority and first-lien security interest in substantially all assets of the company on an aggregate basis. The B3 rating for the company's senior subordinated notes is two notches below the CFR and reflects the subordination of this debt relative to the aforementioned first-lien debt, the agency said.

Both the bank credit facilities and the subordinated notes are guaranteed by all of TransDigm's domestic subsidiaries, as well as the company's holding company parent TDG.

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