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Moody's affirms Total Safety
Moody's Investors Service said it affirmed the B2 corporate family and probability-of-default ratings of Total Safety U.S., Inc., $15 million senior secured first lien revolving credit facility due 2011, $74 million senior secured first lien term loan B due 2012 and $10 million senior secured first lien term loan C due 2012 at Ba3 (LGD2, 29%), and $40 million senior secured second lien term loan due 2013 at Caa1 (LGD5, 80%) from Caa1 (LGD5, 81%).
The outlook is stable.
Ratings are constrained by as relatively small revenue base, macroeconomic pressures and the potential impact of volatility in oil and natural gas prices on consumer demand, the agency said.
Ratings benefit from a favorable regulatory environment for safety-related services, the shift toward outsourcing mostly non-discretionary items, adequate liquidity profile and operating results over the past two years, the agency noted.
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