Moody's assigns Modular B2

Moody's Investors Service said it assigned a B2 corporate family rating to BCP V Modular Services Holdings III Ltd., the new top entity in the company's restricted group following completion of the Modulaire acquisition by Brookfield Business Partners LP.

Concurrently, the agency affirmed the B2 ratings of the €750 million plus £250 million of backed senior secured notes issued by BCP V Modular Services Finance II plc, the €350 million backed revolving credit facility and the €1.26 billion backed term loan B for which BCP V Modular Services Holdings IV Ltd. is the borrower, and the Caa1 rating of the €435 million backed senior unsecured note issued by BCP V Modular Services Finance plc, which are subsidiaries of Modular.

The outlooks for BCP V and the other issuers is stable.

On Dec. 15, Brookfield completed the proposed acquisition of Modulaire Investments 2 Sarl. The notes issued by Modulaire Global Finance plc and Modulaire Global Finance 2 plc were redeemed, and their ratings have been withdrawn. The CFR of Modulaire Investments BV has also been withdrawn.

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