Moody’s upgrades Armor loans

Moody's Investors Service said it confirmed Armor Holdco, Inc.’s corporate family rating at B3, upgraded Armor Holding II LLC’s senior secured first-lien revolving credit facility and term loan to B1 from B2 and confirmed Armor Holding’s senior secured second-lien term loan at Caa1. This concludes the review that began Feb. 23, and the outlook is now stable.

Moody's said its upgrade of Armor Holding’s first-lien credit facilities is based on the application of its loss-given-default methodology and model and the facilities' priority ranking in Armor's capital structure.

The confirmation of the corporate family rating reflects the firm's improved financial performance and leading market position in the securities transfer and processing industry in North America, the agency said.

The B3 confirmation also reflects Armor's elevated debt and interest expense levels, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.