Moody's rates Landmark loans B1, Caa2

Moody's Investors Service said it assigned Landmark FBO, LLC B3 corporate family and probability-of-default ratings, B1 ratings (LGD3, 31%) on its $188 million first-lien term loan and $30 million first-lien revolving credit facility, and a Caa2 rating (LGD5, 82%) $120 million second-lien term loan.

The outlook is stable.

The B3 corporate family rating recognizes the considerable leverage deployed in the borrower's capital structure, the modest scale of Landmark's business operations and sensitivity of its results to minor downside scenarios, Moody's said.

The rating incorporates favorable growth prospects for jet fuel demand, limitations on the number of competitors at any one airport and expectations that the company will be modestly free cash flow generative in 2008, the agency said.

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