Moody’s gives Ba3 to TTM loan

Moody's Investors Service said it affirmed TTM Technologies, Inc.'s corporate family rating of B1, probability of default rating of B1-PD, the rating on the U.S. senior secured asset-based lending revolving credit facility of Ba1 and the speculative grade liquidity rating of SGL-1.

Concurrently, the agency assigned a Ba3 rating to the company's proposed $350 million first-lien term loan.

Moody’s said the action follows TTM's announced plans to refinance its presently outstanding term loan with proceeds from the new loan and the expected issuance of additional senior unsecured debt in the near-term, resulting in a lower proportion of secured debt in the post-closing capital structure.

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