Moody's may upgrade Bankrate

Moody's Investors Service said it placed Bankrate, Inc.'s B2 corporate family rating and B2 senior secured bond rating on review for possible upgrade following news that the company has filed for a $500 million initial public offering.

The upgrade review will consider the meaningful reduction in debt and leverage that could result from Bankrate's use of the initial public offering proceeds, including its plans to exercise the 35% claw back provision in its senior notes indenture and redeem its preferred stock, Moody's said.

The agency said it will evaluate the split of proceeds between Bankrate and other selling shareholders and the company's planned use of proceeds.

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