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Moody's lifts ATI
Moody's Investors Service said it upgraded the senior secured credit facility rating of ATI Acquisition Co. to Ba3 from B1, based on the executed capital structure used to finance the acquisition of ATI Enterprises, Inc. by funds advised by BC Partners, Inc.
While the overall debt that was issued for the acquisition remained substantially unchanged from the originally proposed capital structure, the one-notch upgrade reflects stronger support to the senior secured facility as a greater proportion of the debt was issued at the subordinated tranche level, the agency said.
The B2 corporate family and probability of default ratings, and the Caa1 rating on the senior subordinated facility remain unchanged, Moody's said.
The outlook is stable.
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