Moody's rates Regency Gas loans B1, B3

Moody's Investors Service said it assigned ratings to the bank loans of Regency Gas Services LLC. Regency's first-lien term facility is rated B1 senior secured and its second-lien term facility B3 senior secured, both with a stable outlook. The senior implied rating is B1.

Moody's also assigned a speculative grade liquidity rating of SGL-3.

Moody's said these ratings are restrained by the commodity price sensitivity of its gas gathering and processing business and the start-up nature of the company. However, the ratings also recognize the experience of Regency's new management team and the meaningful amount of equity being invested.

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