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Moody's confirms Transportation Tech
Moody's Investors Service said it confirmed all ratings for Transportation Technologies Industries Inc., concluding the rating agency's review for possible upgrade.
The review had been initiated in connection with Transportation Tech's May 2004 filing of an S-1 registration statement for an initial public offering, which was expected to raise about $150 million of gross proceeds. However, while Transportation Tech has not withdrawn the registration statement, the equity offering has stalled to this point. The amount and timing of an IPO transaction - along with any corresponding debt reduction that might directly result - are now quite uncertain.
The outlook is now stable.
Moody's confirmed the B2 rating for Transportation Tech's $165 million of guaranteed senior secured first-lien credit facilities, consisting of a $50 million revolver due March 2009 and $115 million term loan due March 2009, the B3 rating for Transportation Tech's $100 million guaranteed senior secured second-lien term loan due March 2009, the Caa1 rating for Transportation Tech's $100 million of 12.5% senior subordinated unsecured notes due March 2010, the B2 senior implied rating, and the B3 senior unsecured issuer rating.
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