Moody’s affirms Wand Intermediate

Moody's Investors Service said it affirmed all ratings of Wand Intermediate I LP's (Abra) including its B2 corporate family rating and B2-PD probability of default rating.

The outlook is stable.

"Today's ratings affirmations and stable outlook reflect Abra's well executed expansion and integration of the significant acquisitions made during 2014 and 2015, which has translated into meaningful deleveraging, with debt/EBITDA dropping to the low 6 times range at the June 2018 LTM," Moody's vice president Charlie O'Shea said in a news release.

"Moody's acknowledges that during acquisitive periods, leverage will likely bounce up, but recent performance indicates that there is a demonstrated delveraging path over a reasonable amount of time.”

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