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Moody's rates Stewart loans Ba3
Moody's Investors Service said it assigned a Ba3 rating to the proposed secured revolving credit facility and term loan B facility of Stewart Enterprises Inc.
Concurrently, Moody's affirmed the B2 ratings on Stewart's guaranteed senior subordinated notes, Ba3 senior implied rating and B1 senior unsecured issuer rating and maintained a stable ratings outlook.
Moody's said the ratings benefit from the company's improved recent financial performance, strong operating margins and large backlog of pre-need funeral and cemetery contracts.
The ratings are constrained by significant leverage and industry challenges including declining death rates and the trend towards lower revenue and gross profit cremation services, according to Moody's.
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