Moody’s assigns TNT Crane B3

Moody’s Investors Service said it assigned ratings to TNT Crane & Rigging LLC, including a B3 corporate family rating, B3-PD probability of default rating, B1 priority term loan rating and Caa2 takeback term loan rating.

TNT recently emerged from bankruptcy. The company has a $225 million priority term loan and a $100 million takeback term loan.

“TNT Crane’s ratings reflect its high leverage amid a challenging operating environment, even as the company significantly cut its debt balances through the bankruptcy process,” said Amol Joshi, a Moody’s vice president and senior credit officer in a press release. “The company’s leverage metrics should modestly improve in 2021.”

The outlook is stable.

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