Moody’s rates Metaldyne loan Ba3, notes B3

Moody's Investors Service said it assigned MPG Holdco I Inc. (Metaldyne), corporate family and probability of default ratings of B1, and B1-PD respectively.

Metaldyne is an intermediate holding company of Metaldyne Performance Group Inc. In a related action, the agency assigned a Ba3 rating to Metaldyne's new $1.5 billion senior secured bank credit facility and a B3 rating to the new $700 million senior unsecured notes.

Net proceeds are expected to be used to repay existing debt at Metaldyne's subsidiaries, at which point the ratings on the subsidiary debt will be withdrawn.

The outlook is stable.

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