Moody's rates Modular Space notes B3

Moody's Investors Service said it assigned a B2 corporate family rating to Modular Space Holdings, Inc. (ModSpace) and a B3 rating to the $365 million senior secured second-lien notes of its wholly owned subsidiary Modular Space Corp.

The outlook is stable.

Moody's said ModSpace's B2 corporate family rating reflects the company's strong North American market position in the sale and leasing of modular space structures, storage containers, and ancillary services.

The notes' B3 rating reflects the fact that they are structurally junior to ModSpace's first-lien asset-based lending revolving credit facility, which comprises more than two-thirds of the company's debt structure by commitment amounts, the agency said.

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