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Moody's assigns Hillman SGL-2 liquidity rating
Moody's Investors Service said it assigned Hillman Cos. an SGL-2 speculative grade liquidity rating.
Hillman's SGL-2 rating reflects Moody's expectation that the company will have good liquidity over the next 12 months. Hillman's SGL-2 rating recognizes that Hillman's cash flow generation and existing cash balances are expected to cover cash needs for working capital and scheduled debt amortization over the next 12 months, but the company may need to access its revolving credit facility on an interim basis during the year.
Moody's said a $40 million senior secured revolving credit facility maturing in March 2011 provides adequate liquidity to fund the company's operating needs over the next 12-month period, if there is a misstep in operating cash flow; covenant cushions under the credit facility are adequate. The SGL rating also considers that Hillman's assets are largely encumbered.
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