Moody's: Garda Security loans Ba1

Moody's Investors Service said it assigned Ba1 ratings to the new senior secured bank facilities of the Garda Security Group Inc., a subsidiary of Garda World Security Corp.

Garda World's B1 corporate family rating, B1 probability of default rating, B2 senior unsecured notes ratings, SGL-3 speculative-grade liquidity rating and the stable outlook for both Garda World and Garda Security remain unchanged.

Moody's said the new bank facilities consist of a C$100 million revolving credit facility and C$175 million term loan.

Net proceeds will be used to repay amounts drawn under Garda Security's existing C$125 million revolving credit facility and C$108 million term loan, for which the associated Ba1 ratings will be withdrawn, the agency said.

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