Moody's assigns Caa1 to LSF11 A5 HoldCo notes

Moody's Investors Service said it assigned a Caa1 senior unsecured rating to LSF11 A5 HoldCo LLC's (dba AOC) proposed $350 million senior notes due 2029.

The B2 corporate family rating and B2-PD probability of default rating, B1 ratings to the $1.26 billion senior secured term loan and $200 million senior secured revolving credit facility remain unchanged.

The outlook is stable.

“The assigned rating reflects the new senior unsecured notes’ position in the capital structure given the preponderance of secured debt with a priority claim,” said Domenick R. Fumai, Moody's vice president and lead analyst for LSF11 A5 HoldCo, in a news release.

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