Moody’s gives BWX Ba2, notes Ba3

Moody’s Investors Service said it assigned a Ba3 rating to BWX Technologies, Inc.'s proposed senior notes.

Proceeds from the notes, along with that of a new senior secured term loan (not rated), will be used to refinance existing debt and to finance the planned acquisition of Sotera Health's Nordion medical isotopes business.

At the same time, the agency assigned a Ba2 corporate family rating and a speculative grade liquidity rating of SGL-2.

The outlook is stable.

Moody’s said the ratings reflect the company's unique position as the sole source provider of key engineering systems to the U.S. Department of Energy/National Nuclear Security Administration's Naval Nuclear Propulsion Programs, which provides the company with a highly defendable market position in an otherwise fragmented and competitive defense contracting sector.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.