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Moody’s rates Equifax notes Baa1
Moody's Investors Service said it assigned a Baa1 rating to Equifax Inc.'s roughly $600 million of senior unsecured notes.
Proceeds will be used for general corporate purposes, including the repayment of borrowings under credit facilities and the commercial paper program.
The proposed transactions will enhance Equifax's liquidity and the agency expects Equifax's pension- and lease-adjusted leverage to remain unaffected at about 2.4 times.
Moody’s said the Baa1 rating reflects the company's challenges in managing the fallout of the security breach incident and its heightened regulatory and litigation risk over the next two to three years.
"Despite Equifax's challenges stemming from the breach, the company's revenues and adjusted EBITDA are largely tracking in line with our base case assumptions after the security breach," Moody's analyst Raj Joshi said in a news release.
"We expect these challenges to weigh on Equifax's 2018 operating performance, resulting in a significant deceleration in revenue growth and erosion in adjusted EBITDA margins."
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