Moody's upgrades TKC facilities

Moody's Investors Service said it upgraded the secured ratings on TKC Holdings, Inc.'s planned first-lien revolving credit facility and first-lien term loan to B1 from B2. The company's B3 corporate family rating B3-PD probability of default rating and Caa2 senior unsecured notes ratings remain unchanged.

The upgrade follows a shift in the proposed capital structure, decreasing the proposed term loan to $925 million from $1.125 billion due 2028 and an increase in the unsecured notes to $700 million from $500 million due 2029, Moody’s said.

“As a result, and in accordance with Moody's loss given default for speculative-grade companies methodology, the first-lien facilities are rated two notches above the B3 CFR. The unsecured notes are rated two notches below the CFR at Caa2, reflecting their junior position behind the first-lien debt,” the agency said in a press release.

The outlook is stable.

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