Moody’s rates Ascensus loans B2, Caa2

Moody's Investors Service said it assigned new debt ratings for AqGen Island Intermediate Holdings, Inc., to be renamed Ascensus, Inc., with a corporate family rating of B3 and a probability of default rating of B3-PD.

Additionally, the agency assigned a B2 to Ascensus' proposed senior secured first-lien credit facilities consisting of a $50 million revolving credit facility, a $400 million term loan, and a $25 million delayed-draw term loan.

Moody's also assigned a Caa2 to Ascensus' proposed $170 million senior secured second-lien term loan.

The outlook is stable.

Proceeds will be used to partially fund the purchase of the issuer's predecessor entity from J.C. Flowers & Co. affiliates. At the completion of the acquisition, Moody's will withdraw all existing ratings on the predecessor entity Ascensus, Inc. (Old).

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