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Moody's lifts Heartland Dental loans
Moody's Investors Service said it upgraded the first-lien senior secured credit facilities of Heartland Dental Care, LLC to Ba3 from B1.
The agency said the upgrade follows a shift in the capital structure by $50 million from the structure originally proposed, resulting in an expectation of a higher recovery rate for first-lien lenders in a default scenario.
At the same time, Moody's said it affirmed the Caa1 rating on the company's second-lien senior secured term loan. The outlook is stable.
The agency said the B2 corporate family rating reflects the company's small absolute size based on revenue and earnings, high financial leverage and modest interest coverage relative to other single-B rated companies.
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