Moody's: Cunningham Lindsey loans Ba3, B3

Moody's Investors Service said it assigned a B1corporate family rating and a B1 probability of default rating to Cunningham Lindsey Group Ltd.

The agency also assigned ratings to the credit facilities to be issued in connection with the company's proposed recapitalization.

The proposed financing arrangement includes a $395 million first-lien term loan and a $140 million revolving credit facility, both rated Ba3, and a $125 million second-lien term loan, rated B3.

"Cunningham Lindsey's ratings reflect its strong global market position in loss adjusting and claims management services, as well as its solid EBITDA margins over the past several years," said Enrico Leo, Moody's lead analyst for Cunningham Lindsey, in a news release.

"While financial leverage will be elevated following the recapitalization, we expect credit metrics for the company to improve over the next year."

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