Moody’s assigns Tops notes 2.66 covenant score

Moody’s Investors Service said it assigned an overall covenant quality score of 2.66 to Tops Holding LLC’s $550 million senior secured notes due 2022.

Moody’s said it scores covenant protections on a five-point scale, with 1.0 denoting the strongest covenant protections for investors and 5.0 as the weakest.

Tops Holding score compares with the U.S. average of 3.63 and the peer-group average of 3.64, the agency said.

Moody’s said its covenant quality snapshots assess investor protections in six key-risk categories: cash leakage (dividends), risky investments, leveraging, liens subordination, structural subordination and change of control.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.