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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