Moody's assigns B2 to Fender loan

Moody's Investors Service said it assigned a B2 rating to Fender Musical Instruments Corp.'s new $200 million senior secured term loan.

Moody's also affirmed the B2 corporate family rating and the B2-PD probability of default rating.

The outlook is stable.

"The refinancing improves Fender's debt maturity profile and financial flexibility and reduces its financial leverage," Moody's senior credit officer Kevin Cassidy said in a news release. "This will enable the company to focus on its business without being distracted by potential liquidity concerns."

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