Moody's rates StoneRiver loans B1, Caa1

Moody's Investors Service said it assigned StoneRiver Group, LP a B2 corporate family rating, B2-PD probability of default rating, B1 senior secured first-lien ratings and Caa1 senior secured second-lien ratings.

The proceeds of the offering will be used to refinance existing debt, pay a $250 million dividend to StoneRiver's owners and fund the acquisition in the flood insurance policy and claims administration business segment.

Moody's said StoneRiver has had an aggressive financial policy of consistent equity distributions, which we expect will continue, and will have a high starting leverage with debt well over six times EBITDA.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.