Moody's affirms Spitzer

Moody's Investor Service said it affirmed the B2 rating on Spitzer Industries, Inc.'s proposed $85 million credit facility, which consists of a $15 million revolver and $70 million term loan.

Moody's also affirmed Spitzer's B2 corporate family rating and B3 probably of default rating.

The outlook remains stable.

The ratings affirmation reflects Spitzer's decrease in its proposed revolver to $15 million from $25 million and term loan offering to $70 million from $120 million, the agency said.

The credit facility rating also reflects Spitzer's overall probability of default of B3 and a loss given default of LGD3, 31% changed from 32%.

The pro forma 2010 debt-to-EBITDA ratio was 2.2 times.

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