Moody's cuts Kinetic loans to Ba3

Moody's Investors Service said it affirmed the B2 corporate family rating and B2-PD probability of default rating of Kinetic Concepts, Inc., a subsidiary of Centaur Guernsey LP, Inc.

At the same time, the agency downgraded the company's first-lien senior secured rating, including the proposed incremental $350 million term loan, to Ba3 from Ba2.

The B3 rating on the senior secured second-lien notes and the Caa1 rating on the unsecured notes were affirmed.

The outlook was changed to negative from stable.

Moody's said the downgrade of the first-lien senior secured credit facility reflects the incremental first-lien debt being issued to fund the proposed acquisition of Systagenix.

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