Moody’s cuts Sirva second-lien loan

Moody’s Investors Service said it downgraded the rating of Pearl Merger Sub, Inc.'s (Sirva) senior secured second-lien term loan to Caa2 from Caa1.

Other ratings, including the B3 corporate family rating, B3-PD probability of default rating and senior secured first-lien bank credit facility ratings of B1, are unchanged.

The outlook is stable.

The agency said the downgrade of the second-lien term loan reflects the increased amount of debt ahead of the second-lien term loan as a result of the proposed upsizing of the first-lien term loan by $25 million (to $435 million from $410 million) and downsizing of the second-lien term loan by $20 million (to $115 million from $135 million).

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