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Moody’s affirms Tortoise Borrower
Moody's Investors Service said it affirmed the Ba2 corporate family rating and senior secured debt rating of Tortoise Borrower, LLC following the company's announcement that it will acquire the energy infrastructure and MLP investment business of Advisory Research, Inc., a subsidiary of Piper Jaffray.
Moody's also affirmed the company's Ba2-PD probability of default rating.
The outlook remains stable.
“The affirmation reflects the acquisition's modest impact on Tortoise's business and financial profiles,” the agency said in a news release.
“The addition of Advisory Research's energy infrastructure and MLP business provides modest scale and diversification benefits. We also expect the acquisition to put little strain on Tortoise's leverage profile because more than half the purchase price will be funded with cash and additional owner equity contributions.”
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