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Moody's cuts Generac loan to B2
Moody's Investors Service said it affirmed Generac Power Systems, Inc.'s corporate family and probability of default ratings at B2 but downgraded the proposed term loan B to B2 from B1.
The outlook was changed to positive to reflect the improved credit metrics from a smaller dividend.
Moody's also affirmed the speculative grade liquidity rating of SGL-2 to reflect the company's good liquidity.
The proposed term loan B was upsized to $900 million with the proposed $150 million ABL. The proposed transaction will refinance the company's existing debt with ratings on that debt being withdrawn upon completion of the transaction, the agency said.
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