Moody’s ups ServiceMaster facility

Moody's Investors Service said it confirmed ServiceMaster Co., LLC's corporate family rating at Ba3, probability of default rating at Ba3-PD and senior unsecured at B1.

The senior secured credit facility was upgraded to Baa3 from Ba2.

The senior unsecured ratings at ServiceMaster Co. and ServiceMaster Co. LP were confirmed at B2.

The speculative grade liquidity rating was affirmed at SGL-1.

The actions conclude the review for downgrade initiated on July 26, 2017, Moody’s said.

The outlook is stable.

"Moody's confirmed ServiceMaster's Ba3 corporate family rating because the significant debt repayment following the Frontdoor spin-off and expected retained share monetization should reduce debt to EBITDA to a mid 3 times range from over 4 times prior to the transactions, mitigating the reduced business diversity and free cash flow without Frontdoor's operations," Edmond DeForest, Moody's vice president and senior credit officer, said in a news release.

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