Moody's assigns B2 to Intrado Safety

Moody's Investors Service said it assigned a B2 corporate family rating and a B2-PD probability of default rating to first-time issuer Guardian US Holdco LLC. Moody's also assigned B2 ratings to the proposed first-lien revolving credit facility and first-lien term loan.

The proceeds from the credit facilities will be used to fund the acquisition of West Technology Group, LLC's (Intrado Corp.) safety business by private equity firm Stonepeak Partners LP. The outlook is stable.

“The B2 ratings reflect Intrado's high leverage at closing as well as the carve-out nature of the transaction. The ratings also consider the leading position Intrado has built in multiple segments of the 911 infrastructure business and long-term partnership with AT&T providing various 911 services.

“Carve-out risks are moderate given the relatively stand-alone structure that was put in place prior to the sale of the business. Leverage is estimated around 5.6x at closing pro forma for certain one-time costs and excluding certain allocated costs from the former parent. Leverage inclusive of those costs is approximately 7x,” Moody’s said in a statement.

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