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Published on 1/28/2020 in the Prospect News Bank Loan Daily, Prospect News Distressed Debt Daily and Prospect News High Yield Daily.

Moody’s rates Castle US notes Caa2

Moody’s Investors Service said it assigned Castle US Holding Corp.’s proposed senior unsecured notes a rating of Caa2. Proceeds will be used to fund a special distribution of about $300 million to an affiliate of Platinum Equity LLC.

The agency also upgraded the ratings on the company’s senior secured first-lien bank facility to B2 from B3. The upgrade of the issuer’s bank debt reflects the incremental first-loss support provided by the issuance of the unsecured bonds. The outlook is stable.

Moody’s also affirmed the company’s B3 rating as well as its B3-PD probability of default rating.


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