Moody's rates Mirion loan B2

Moody's Investors Service said it assigned a B2 corporate family rating and B2-PD probability of default rating to Mirion Technologies (New FinanceCo).

The agency also assigned B2 senior secured ratings to its proposed first-lien credit facility. The co-borrowers are Mirion Technologies New FinanceCo and Mirion Technologies, Inc.

The outlook is stable.

The ratings follow news that Mirion will refinance its capital structure, transitioning to an all first-lien secured debt structure from a first-lien and second-lien secured debt structure, Moody's said.

The company will change one of the debt obligors to Mirion Technologies New FinanceCo from Mirion Technologies (HoldingRep), Ltd.

Mirion Technologies, Inc. will remain as a borrower.

The ratings consider an elevated leverage in the mid-5x range, Moody's said, along with its small scale and niche market focus on radiation detection and measurement.

End market concentration remains high, but is declining, the agency said.

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