Moody’s cuts TransUnion loan, rates loans B1

Moody's Investors Service said it assigned TransUnion LLC, an indirect subsidiary of TransUnion, a B1 corporate family rating, B2-PD probability of default rating and an SGL-2 speculative grade liquidity rating.

The agency also assigned B1 ratings to TransUnion LLC's new $210 million of revolving credit facility and $350 million of new senior secured term loans, and downgraded the rating for its existing $1.88 billion senior secured term loan to B1 from Ba3.

The outlook is stable.

TransUnion will use net proceeds from the new credit facilities along with the net proceeds of about $721 million from the initial public offering of its common stock to redeem about $1 billion of outstanding senior unsecured notes.

Moody's repositioned the corporate family rating at TransUnion LLC from TransUnion, as the parent holding company will no longer have any outstanding debt and does not guarantee the senior secured credit facilities at TransUnion LLC.

The agency will withdraw TransUnion's existing B2 corporate family rating, B2-PD probability of default rating and SGL-2 rating, as well as the ratings for its senior unsecured notes and TransUnion LLC's existing senior revolving credit facility upon repayment and cancellation of debts.

These actions conclude the review for TransUnion's ratings, which was initiated on June 18, following the company's announcement of its planned IPO.

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