Moody's boosts Mark IV

Moody's Investors Service said it raised the corporate family and probability-of-default ratings of Mark IV LLC's to B1 from B2 and assigned a Ba3 rating (LGD3, 39%) to its €200 million of senior secured notes and Ba2 rating the new asset base revolving credit facility.

The outlook is stable.

Mark IV Europe Luxembourg SCA/Mark IV USA Luxembourg SCA are co-issuers.

The agency assigned Ba2 ratings (LGD2, 29%) to Dayco Products, LLC's $45 million asset-based revolver and Dayco Canada Corp.'s $5 million asset-based revolver.

The action incorporates Mark IV's completion of the sale of the Luminator Technologies Group business segment and the expected completion of the sale of the Mark IV IVHS business segment, according to the agency.

Proceeds from the sale of these businesses combined with proceeds from the new senior secured note will be used to repay the company's senior secured term loan facilities and restructured debt.

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