Moody’s rates Reece, loan Ba1

Moody's Investors Service said it assigned a Ba1 corporate family rating to Reece Ltd.

At the same time, the agency assigned a Ba1 senior secured rating to the proposed $1.14 billion senior secured term loan facility entered into by Hamilton Holdco LLC and Reece International Pty Ltd., both 100%-owned and guaranteed subsidiaries of Reece.

Proceeds will be used for the acquisition of Morsco, Inc.

The outlook is stable.

Moody’s said the rating benefits from Reece's strong established market position as the largest supplier of plumbing, bathroom, waterworks and heating, ventilation, air-conditioning and refrigeration (HVAC-R) products across Australia.

The rating also benefits from its strong geographic footprint in Australia, exceptional distribution and supply chain capabilities and comprehensive product offering across its product range, the agency added.

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