Moody's rates Maxim Crane Works loan Caa2

Moody's Investors Service said it affirmed Maxim Crane Works, LP's corporate family rating of Caa1 and its probability of default rating of Caa1-PD.

Moody's also rated the company's new $325 million senior secured second-lien term loan at Caa2.

The new term loan is refinancing the company's senior secured second-lien notes and associated premium in addition to financing a $50 million dividend.

The outlook is stable.

Moody's said the Caa1 corporate family rating reflects the company's high leverage, weak anticipated free cash flow generation, and plans for the new $50 million dividend that will further leverage its balance sheet.

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