Moody’s rates Alterra loan B2

Moody’s Investors Service said it assigned a B2 rating to Alterra Mountain Co.’s proposed incremental $250 million senior secured first-lien term loan due 2026.

Proceeds will be used for general corporate purposes.

Moody’s also downgraded Alterra’s corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD. Concurrently, Moody’s trimmed the rating for the first-lien revolver and term loan to B2 from B1.

“The downgrade of CFR to B2 reflects Moody’s expectation that Alterra’s earnings will decline in fiscal year ending July 31, 2021, from already softer levels generated in FY 2020 and that leverage will remain elevated even with an expected recovery in FY 2022,” the agency said in a press release.

The outlook is stable.

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