Moody’s ups NIPA, rates Omnia B2

Moody’s Investors Service said it raised its ratings on National Intergovernment Purchasing Alliance Co.’s (NIPA) corporate family rating to B2 from B3 and its probability of default rating to B2-PD from B3-PD. The agency also upgraded its senior secured first-lien bank credit facilities rating to B1 from B2 and senior secured second-lien term loan rating to Caa1 from Caa2.

Moody’s said it subsequently withdrew the CFR and PDR for NIPA and reassigned them to its parent Omnia Partners, Inc. because NIPA does not file financial statements. The debt ratings will remain at NIPA.

"The upgrade reflects our expectation of improving financial leverage as a result of continued strong EBITDA growth and free cash flow generation," said Mikhil Mahore, a Moody's analyst, in a press release.

The outlook is stable.

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