Moody's affirms Stolle, ups loan

Moody's Investors Service said it affirmed Stolle Machinery Co., LLC's corporate family rating and its probability of default rating at B2.

At the same time, Moody's said it upgraded the company's $150 million senior secured bank credit facility to B1 from B2 and affirmed the company's senior secured second lien term loan at Caa1.

The agency also said it affirmed the $50.0 million senior secured second lien term loan due 2013 at Caa1, but its loss given default assessment is changed to (LGD5, 88%) from (LGD6, 96%).

These rating actions result from Stolle's announcement that it cancelled its first lien term refinancing, the agency said, noting that due to market conditions Stolle did not increase its existing first lien term loan to $224.1 million from $125 million.

The outlook is stable.

According to Moody's, Stolle's B2 corporate family rating reflects improved financial metrics over the past year.

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