Moody's rates Audatex notes Ba2, loan Baa2

Moody's Investors Service said it assigned a Ba2 rating to the proposed $300 million add-on to the senior unsecured notes due 2018 indenture of a subsidiary of Audatex Holdings, LLC.

At the same time, Moody's assigned a Baa2 rating to the proposed $100 million senior secured revolver and to newly amended and extended senior secured term loan tranches.

Moody's affirmed the Ba2 rating on Audatex's existing senior unsecured notes due 2018, the Ba1 corporate family rating and the SGL-1 speculative grade liquidity rating.

Moody's said that despite modest incremental debt of roughly $50 million, Audatex's Ba1 corporate family rating is supported by the rating agency's expectation that the company will de-lever by deploying excess cash for acquisitions.

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