Moody's gives AM General loan B2

Moody's Investors Service said it assigned initial ratings to AM General LLC, including a B3 corporate family rating.

The outlook is stable.

Concurrently, B2 ratings have been assigned to debts under the planned $370 million first-lien bank credit facility that will refinance the company's existing $334 million first-lien term loan.

Moody's said the B2 ratings on the first-lien bank debts, one notch above the corporate family rating, reflect presence of effectively junior, unsecured claims that would likely compete for recovery in a stress scenario and thereby help first-lien recovery prospects.

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