Moody’s assigns Ba3 to Moog notes

Moody's Investors Service said it assigned a Ba3 rating to Moog Inc.'s planned $400 million offering of senior unsecured notes due 2027. Note proceeds will fund the redemption of $300 million of senior unsecured notes due 2022, with the remainder repaying revolver borrowings. The Ba2 corporate family and all other ratings for Moog, as well as the stable outlook, are unaffected by today's assignment, the agency said.

“The Ba3 unsecured note rating, one notch below the corporate family rating, reflects its first loss position relative to Moog's senior secured bank credit facility,” Moody’s said in a press release.

© 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.