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Moody's: Interline notes Caa1
Moody's Investors Service said it downgraded Interline Brands, Inc.'s corporate family and probability of default ratings to B2 from B1.
In a related action, Moody's confirmed the B2 rating on the company's existing senior subordinated notes and assigned a Caa1 rating to the proposed senior unsecured notes.
A speculative grade liquidity assessment of SGL-3 was assigned.
The outlook is stable.
Moody's said the Caa1 rating assigned to the notes is two notches below the corporate family rating.
This is because the notes are being issued by the holding company and are therefore structurally subordinated to the existing senior subordinated notes issued by the operating company. As a result, the rating reflects the notes position as the (structurally) junior-most debt in the capital structure, the agency said.
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