Moody's upgrades Encompass

Moody's Investors Service said it upgraded the ratings on Encompass Digital Media, Inc.'s first-lien senior secured credit facilities to B2 from B3 following the company's announcement that it intends to insert $31.5 million of new subordinated unsecured debt in the capital structure and increase the size of the existing $250 million first-lien senior secured term loan B tranche by $16.5 million.

In addition, Moody's affirmed Encompass' corporate family rating at B3 and upgraded the probability of default rating to B3 from Caa1 to reflect the new capital structure, which will now include mezzanine debt instead of the previous all-bank loan structure.

The outlook is stable.

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