Moody’s affirms NVA Holdings

Moody's Investors Service said it affirmed NVA Holdings, Inc.'s corporate family rating at B3 and affirmed the B1 first-lien term loan rating.

The term loan is being increased by a $115 million add-on to the existing loan.

The outlook is stable.

The agency said the affirmation takes into consideration expectations that NVA's leverage will remain high as it will continue to use debt to fund acquisitions.

Moody's also considers that while leverage is high, the company has successfully executed its acquisition-led growth strategy under the current management team. NVA also has a track record of successful management of its operations, evidenced by its ability to maintain high margins and drive consistent increases in same store sales.

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