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Moody's affirms Monitronics
Moody's Investors Service said it affirmed Monitronics International, Inc.'s corporate family and probability-of-default ratings at B1, $145 million senior secured revolver due 2008 and $175 million senior secured term loan B due 2009 at Ba2 (LGD2, 29%) and $160 million senior subordinated notes due 2010 at B3 (LGD5). The loss-give-default rate assigned to the notes was changed to 84% from 82%.
The outlook remains stable.
The agency said the B1 corporate family rating considers the company's moderate adjusted debt-to-EBITDA ratio of 3.4x and high operating margins; due to the company's business strategy of only monitoring alarm systems, the company's EBITDA margins are relatively high at 69.3% for the 12 months ended Dec. 31.
The rating also acknowledges Monitronics' small revenue size, high customer and dealer churn rates the and competitiveness of the alarm monitoring market, Moody's said.
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