Moody's rates Renaissance loan B2

Moody's Investors Service said it assigned a B2 rating to Renaissance Holding Corp.’s planned $475 million first-lien term loan add on due 2029.

The company’s B3 corporate family rating, B3-PD probability of default rating, B2 rating for the first-lien credit facilities, Caa2 rating on the second-lien term loan and stable outlook are unchanged, the agency said.

The loan will be used to fund the acquisition of a provider of K-12 assessment and data tools and pay related expenses.

The add-on is credit negative because it will increase debt and leverage, Moody’s said.

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