Moody's gives Dycom notes Ba3

Moody's Investors Service said it assigned a Ba3 subordinated long-term debt rating to Dycom Investments, Inc.'s $150 million 10-year senior subordinated notes, which will be guaranteed by Dycom Industries, Inc.

At the same time, a Ba2 corporate family rating and SGL-1 speculative-grade liquidity rating were assigned to Dycom, Moody's said. The outlook is stable.

The agency noted the Ba2 corporate family rating reflects Dycom's leading position as a provider of engineering, construction, maintenance and underground locating services for the utility and telecommunications industries.

Moody's said the Ba3 rating for the senior subordinated notes reflects the effective subordination of the notes to priority of claims of senior debt and trade creditors at the operating subsidiary level.

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