Moody’s reassigns ratings to IVC

Moody’s Investors Service said it assigned ratings to B3 ratings to IVC Acquisition Ltd.'s first-lien term loan B tranches and first-lien revolving credit facility. Moody's also assigned a B3 rating to the U.S. dollar-denominated backed senior secured first-lien term loan B issued by VetStrategy Canada Holdings Inc.

Moody’s concurrently affirmed IVC Acquisition Midco Ltd.’s (IVCE) B3 corporate family and B3-PD probability of default ratings.

“The refinancing of the VS debt within the IVCE capital structure changes the perimeter of the agency's assessment of its credit profile to a consolidated basis, increasing its scale and diversification,” Moody’s said in a press release.

Post-transaction close IVCE will have more than £500 million of unrestricted cash on its balance sheet and full availability of its £618 million backed senior secured first-lien revolver with its maturity extended to 2028.

The agency originally rated the loans B2 but downgraded the ratings to B3 on Oct. 21, 2021.

The outlook is stable.

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