Moody's rates Confie loans B2, Caa2

Moody's Investors Service said it assigned B3 corporate family and probability of default ratings to Confie Seguros Holding II Co.

The agency also assigned ratings to the following credit facilities to be issued in connection with the company's proposed recapitalization: $75 million first-lien revolving credit facility B2; $252 million first-lien term loan B2; and $110 million second-lien term loan Caa2.

The outlook is stable.

"The ratings of Confie Seguros reflect its strong market presence in the Hispanic community and its record of growth," Moody's lead analyst for Confie Seguros Bruce Ballentine said in a news release. "While financial leverage will be elevated following the recapitalization, we expect the credit metrics to improve in the year ahead."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.