Moody’s rates WP CPP facilities B2, Caa2

Moody's Investors Service said it assigned a B2 rating to WP CPP Holdings, LLC new $750 million first-lien senior secured credit facility comprised of a $125 million revolver and $625 million term loan.

The agency also assigned a Caa2 rating to the company’s new $125 million second-lien senior secured credit facility.

The B3 corporate family rating and the B3-PD probability of default rating are unchanged.

The outlook remains positive.

Moody’s said the B2 ratings for the first-lien term loan and revolver reflect their seniority position in the consolidated capital structure, including the benefits of predominantly all-asset liens and both upstream and downstream guarantees.

The Caa2 rating for the second-lien term loan reflects its junior position relative to the first-lien lenders, with an explicit second-lien status albeit identical guarantees as provided to first-lien lenders, the agency said.

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