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Moody's cuts WMG loans & notes, rates loan Ba3
Moody's Investors Service said it assigned a Ba3 rating to the proposed incremental term loan facility to be issued by WMG Acquisition Corp., and downgraded the ratings on the existing senior secured credit facilities and senior secured notes to Ba3 from Ba2.
WMG Acquisition is a wholly owned subsidiary of WMG Holdings Corp., which in turn is a wholly owned subsidiary of Warner Music Group Corp.
Moody's said the action follows Warner Music Group's announcement that it intends to upsize WMG Acquisition's existing $592 million senior secured term loan by $820 million.
In connection with the rating action, Moody's affirmed the B3 ratings on the existing senior notes issued by WMG Acquisition and the HoldCo notes issued by WMG Holdings, as well as the B1 corporate family rating and B1-PD probability of default rating at WMG Holdings.
The outlook is stable.
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