Moody's rates SNL loan B2

Moody's Investors Service said it assigned SNL Financial LC a B2 corporate family rating, B3 probability of default rating and B2 (LGD3, 34%) rating to its proposed $205 million senior secured credit facility.

The outlook is stable.

SNL intends to utilize the proceeds from the credit facility along with existing cash and an equity investment from New Mountain Capital LLC to fund New Mountain's proposed leveraged acquisition of a majority of the company's common stock, the refinancing of existing debt and to pay transaction fees and expenses.

The rating reflect the company's its small scale in the financial data and analytics industry, good track record of growth in its largely subscription-based revenues, high leverage and event risks related to partial ownership by a private equity sponsor, the agency said.

SNL has a strong market position providing highly detailed data and analytics on four key industries, financial institutions, energy, real estate and media and communications, the agency added.

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