Moody’s gives DTZ B2, loans B1

Moody's Investors Service said it assigned a B2 corporate family rating to DTZ U.S. Borrower, LLC and B1 ratings to its new $2.85 billion senior secured first-lien term loan and its new $805 million senior secured first-lien revolving facility.

The agency also assigned a B2-PD probability of default rating, and an LGD assessment was concurrently attached to the rated debt.

Moody's also assigned a speculative grade liquidity rating of SGL-2 to DTZ.

The outlook is stable.

DTZ is an indirectly wholly owned subsidiary of Cushman & Wakefield plc.

“The B2 corporate family rating reflects Cushman & Wakefield's strong market position as the third largest global property services provider and its enhanced financial performance transparency and capital markets access as a public company,” the agency said in a news release.

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