Moody's assigns Polar notes Caa2

Moody's Investors Service said it assigned a Caa2 rating to Polar US Borrower, LLC's (SI Group) planned $300 million of senior unsecured notes due 2026.

"The proposed senior notes issuance increases absolute debt on the balance sheet, but redeeming the preferred equity alleviates a substantial dividend burden," said Domenick R. Fumai, a Moody's vice president and lead analyst for Polar US Borrower, in a press release.

Moody's also affirmed the B3 corporate family rating, the B3-PD probability of default rating and the B3 rating on the first-lien senior secured term loan and revolving credit facility.

The outlook is stable.

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