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Moody's affirms Mafco
Moody's Investors Service said it affirmed Mafco Worldwide Corp.'s B1 corporate family rating and B1 ratings (LGD3, 35%) on its revolver and term loan.
The affirmation reflects expectation that the company will have sufficient financial flexibility that it will meet its financial covenants and maintain adequate liquidity, according to the agency.
The company is in compliance with its leverage covenant with a leverage ratio of 1.54x as of Sept. 30, 2009, compared with a maximum allowed leverage ratio of 1.75x through Dec. 31. The leverage covenant test tightens in 2010 and the most recent leverage is above the required 1.5x maximum covenant level as of March 31, 2010, the agency said.
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