Moody’s rates Trico, loan B3

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Crowne Automotive Aftermarket, LLC (Trico Group, LLC).

Concurrently, the agency assigned a B3 rating to the proposed first-lien term loan.

The outlook is stable.

The company plans to use the proceeds to refinance existing debt including a revolver paydown.

Moody’s said the B3 corporate family rating reflects Trico’s limited track record operating as one company, high customer and product concentration, declining revenues at key customers in recent years and high leverage.

© 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.