Moody's rates Getty loan Ba3

Moody's Investors Service said it assigned a Ba3 (LGD 3, 32%) rating to Getty Images, Inc.'s proposed incremental $275 million first-lien senior secured term loan due November 2015.

The proceeds, along with more than $100 million of balance sheet cash, will be used to fund a special dividend of about $380 million.

Moody's also affirmed its Ba3 corporate family rating, B1 probability of default rating and Ba3 (LGD 3, 32%) ratings on the company's first-lien senior secured revolver due 2015 and the existing first-lien senior secured term loan B due 2016.

The ratings incorporate the proposed increase in debt balances by $275 million to partially fund its planned dividend, Moody's said.

The ratings also consider the mature stage of its traditional higher quality creative-stills business, the increasing supply of lower priced digital imagery, as well as potential threats from existing and new competitors or technologies, the agency said.

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