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Moody’s rates Carriage B1, notes B2
Moody's Investors Service said it assigned Carriage Services, Inc. a B1 corporate family rating, a B1-PD probability of default rating, an SGL-1 speculative grade liquidity rating and a B2 rating to the proposed senior unsecured notes.
The outlook is stable.
Debt proceeds will be used for general corporate purposes, including to repay certain existing debt and pay related transaction fees and expenses.
Moody’s said the B1 corporate family rating reflects Carriage's small scale with revenues of less than $275 million annually, high pro-forma financial leverage with debt to EBITDA of about 5.5 times, as of Dec. 31, 2017, and modest free cash flow generation and interest coverage with free cash flow to debt of about 5% and EBITA to interest expense of about 2.5 times expected over the next 12 to 18 months.
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