Moody’s affirms Institutional Shareholder on dividend

Moody's Investors Service said it affirmed Institutional Shareholder Services, Inc.'s (ISS) B3 corporate family rating and B3-PD probability of default rating following the company's announcement of plans for a debt-funded dividend to its shareholders.

At the same time, the agency affirmed the B2 rating on the company's first-lien senior secured credit facility, consisting of a $200.2 million (including a $37 million add-on) term loan due 2021 and a $20 million revolving credit facility expiring 2020, as well as the Caa2 rating on its $90.5 million (including a $17.5 million add-on) second-lien senior secured term loan due 2022.

The outlook is stable.

"The levering up of ISS' balance sheet to fund a sizeable distribution weakens the company's credit profile and limits financial flexibility in the near-term," Moody's analyst Oleg Markin said in a news release.

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