Moody's assigns Pilot Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating and probability of default rating to Pilot Travel Centers LLC.

In addition, Moody's said it assigned a Ba2 (LGD 4, 55%) rating to the company's proposed $2.15 billion senior secured first-lien bank credit facility.

The outlook is stable

According to the agency, proceeds from the proposed bank revolver and term loans will be used to re-finance existing debt and partially fund Pilot's acquisition of the travel center assets of Flying J Travel Centers for about $1.845 billion.

The agency added that the Ba2 corporate family rating reflects Pilot's reasonable debt protection measures, adequate liquidity, meaningful scale, geographic reach, and relatively diverse profit stream.

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