Moody’s changes TriNet view

Moody's Investors Service said it affirmed TriNet HR Corp.'s corporate family rating of Ba3 and probability of default rating of Ba3-PD.

The agency also affirmed the Ba3 rating on the company's senior secured bank facility and the SGL-1 speculative grade liquidity rating.

The outlook was revised to positive from stable, driven principally by ongoing improvement in TriNet's operating performance and an expectation of continued business momentum, particularly within the company's insurance services segment, that should fuel further enhancement in credit protection measures, Moody’s said.

The agency said it expects that the company will refinance its existing bank debt maturing in July 2019 with a longer dated debt instrument over the near term.

“Following the completion of a potential refinancing that does not increase debt leverage, the corporate family rating will likely be upgraded by one notch,” Moody’s said in a news release.

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