Moody’s rates Fetch B2, facilities B1

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Fetch Acquisition LLC and a B1 (LGD 3) rating to its proposed $262.5 million senior secured credit facilities.

The outlook is stable.

The proposed credit facilities consist of a $30 million first-lien secured revolver and $232.5 million first-lien secured term loan.

Proceeds will be used to help finance the acquisition of PetMate Holdings Co. Fetch is indirectly owned by private equity firm Olympus Partners.

Moody’s said the B2 corporate family rating reflects Fetch’s small scale and aggressive financial policy, which are partially offset by solid growth prospects for the niche market in which it operates and good relationships with key retail partners. Its small scale heightens operational risk because the company is reliant on one manufacturing facility.

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