Moody's rates Baker & Taylor Acquisitions notes B3

Moody's Investors Service said it assigned a B2 corporate family rating to Baker & Taylor Acquisitions Corp. and a B3 rating to its $165 million senior secured second-lien notes. Baker & Taylor - holding company for Baker & Taylor Corp. - is the surviving entity following its merger with BTAC Merger Corp., which occurred upon the successful completion of the acquisition of BTAC Merger Corp. by private equity sponsor Castle Harlan.

The outlook is stable.

The agency said the ratings are primarily driven by Baker & Taylor Acquisition's weak credit metrics and an aggressive financial policy, all of which constrain the rating category despite numerous qualitative factors that support a higher rating such as the company's sizable market share and efficient distribution network.

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