Moody's rates IMTT term loan Ba2

Moody's Investors Service said it assigned a Ba2 rating to ITT Holdings LLC's (International-Matex Tank Terminals, or IMTT) planned $750 million seven-year senior secured term loan B.

The loan will be used to refinance the company's $650 million senior secured term loan B due in July 2028 and to provide add liquidity on the company's balance sheet to fund growth project opportunities as they become available.

"The Ba2 rating on the new term loan reflects its structurally superior position within the capital structure and the senior secured priority claim to the company's assets in relation to the existing senior unsecured notes," said Thomas Le Guay, a Moody's vice president, in a press release.

"The potential for additional debt to fund growth projects was factored into the recent downgrade of IMTT's CFR to B2 on Sept. 19, 2023," Le Guay added.

IMTT's other ratings, including its B2 corporate family rating, and its stable outlook are unchanged.

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