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Moody's ups Delphi loan to B2
Moody's Investors Service said it raised the rating on Delphi Corp.'s revised $2.825 billion second-lien term loan to B2 (LGD4, 52%) from B3 (LGD4, 65%). The agency affirmed the company's corporate family and probability-of-default ratings at B2, speculative grade liquidity rating at SGL-2 and first-lien term loan rating at Ba2.
The outlook is stable.
The upgrade on the second-lien facility follows a change in the composition of the term loans from the structure rated on March 14, Moody's said.
The total amount of secured term loans Delphi requires to emerge from bankruptcy is unchanged at $4.525 billion. But the first-lien term loan will be reduced to $1.7 billion from $3.7 billion and the second-lien term loan will be raised to $2.825 billion from $0.825 billion, the agency said.
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