Moody's rates Aquilex notes B3, ups loan

Moody's Investors Service said it assigned a B3 rating to Aquilex Holdings new $225 million senior unsecured notes due 2016 and affirmed Aquilex's corporate family and probability of default rating at B2.

Concurrently, Moody's has upgraded the company's first-lien credit facilities to Ba2 from Ba3.

The company's outlook remains negative.

The B2 corporate family rating considers Aquilex's high leverage and weakened demand in the company's core businesses, Moody's said. The rating also considers the company's favorable position as a leading provider of service, repair, overhaul and industrial cleaning services to the power generation and energy sectors.

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