Moody's eyes Navico for upgrade

Moody's Investors Service said it placed the B3 corporate family rating of Nanna Midco II AS (Navico) on review for upgrade along with its B3-PD probability of default rating, the B3 instrument rating of the $260 million guaranteed senior secured term loan and the Ba3 instrument rating of the $25 million guaranteed senior secured revolving credit facility. Both the term loan and the revolver maturing in 2023 were issued by Navico Inc., a subsidiary of Nanna Midco II.

The agency changed the outlook to under review from stable for both issuers.

This review was prompted by Brunswick Corp., rated Baa2, that it will acquire Navico for $1.05 billion, Moody’s said. The rated debt is likely to be repaid at closing.

“The rating action reflects the likely enhanced credit profile under the potential ownership of Brunswick Corporation which is currently rated investment grade. The review will focus on the ultimate capital structure and credit profile of the combined entity,” Moody’s said in a press release.

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