Moody's rates Toro loans B2, Caa2

Moody's Investors Service said it assigned a B3 corporate family rating and B3-PD probability of default rating to Toro Private Holdings II, Ltd. (Toro II).

Toro II is a company set up to effect the proposed take-private of Travelport Worldwide Ltd. by funds controlled by Siris Capital Group LLC and Evergreen Coast Capital Corp.

Moody's also said it assigned B2 ratings to the $2.8 billion senior secured first-lien term loan due 2026 and the $150 million senior secured revolving credit facility due 2024.

The agency also said it assigned a Caa2 rating to the $500 million senior secured second-lien term loan due 2027, all borrowed by Toro Private Holdings III, Ltd., a subsidiary of Toro II.

The outlook is stable.

The ratings reflect the company's high opening leverage of 7.6x on an adjusted basis as of December 2018, pro forma for the proposed transaction, Moody's said.

The ratings also consider Travelport's position as the third largest travel commerce platform in a market with only three global operators, the agency said, along with its diversified customer base with high retention rates and balanced geographical footprint.

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