Moody's rates Gibson loans Ba3

Moody's Investors Service said it assigned a Ba3 rating to Gibson Energy ULC's proposed $375 million senior secured revolving credit facility and $650 million senior secured term loan B.

Gibson Energy ULC is a wholly owned subsidiary of publicly traded Gibson Energy Inc., which will provide a downstream guarantee for the rated debt, the agency said.

Gibson's other ratings are unchanged and the outlook is stable.

Moody's said the secured revolver and term loan B are rated at the Ba3 corporate family rating, reflecting both the overall probability of default, to which Moody's assigns a probability of default rating of Ba3, and a loss given default of LGD3 (42%).

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