Moody's assigns STS loans B2

Moody's Investors Service said it assigned B2 corporate family and B2-PD probability of default ratings to STS Operating, Inc.

The agency also assigned a B2 rating to STS' $25 million senior secured revolving credit facility and $255 million senior secured term loan, the proceeds of which are expected to refinance STS' existing debt and fund an $87 million dividend to its shareholders.

The outlook is stable.

Moody's said the facility rating is in line with the corporate family rating, which reflects the absence of other significant obligations in the enterprise's liability structure.

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