Moody's affirms Getty loans

Moody's Investors Service said it affirmed the Ba3 LGD3 rating assigned to Getty Images, Inc.'s incremental senior secured term loan that was upsized to $350 million from $275 million.

Moody's also affirmed the Ba3 corporate family rating, B1 probability of default rating and the Ba3, LGD3 ratings each on the existing first-lien senior secured revolver due 2015 and the existing first-lien senior secured term loan B due 2016.

The outlook remains stable.

Proceeds from the new debt facility, along with more than $100 million of balance sheet cash, will be used to fund a special dividend of approximately $455 million.

Moody's said the ratings 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.

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