Moody’s: Access CIG unaffected by acquisition

Moody's Investors Service said that Access CIG LLC's recently announced plans to launch add-ons to its first- and second-lien term loan facilities, the proceeds of which will be used to finance an acquisition, is a credit negative as this further strains the company's already limited free cash flow profile and moderately increases debt leverage.

However, the agency said the transaction will not result in changes to the company's B3 corporate family rating or stable outlook because Access' leverage position and its aggressive growth strategy remain within expectations for the rating.

The B2 rating on the first-lien senior secured credit facilities, and the Caa2 on the second-lien senior secured credit term loans (including proposed incremental and existing delayed-draw facilities) are also not affected.

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