Moody’s rates Dealogic CFR, loans B1

Moody's Investors Service said it assigned Diamond US Holdings LLC (Dealogic) a B1 corporate family rating, B1-PD probability of default rating and B1 ratings to its proposed senior secured first-lien term loan and revolver.

The outlook is stable.

Proceeds will be used together with new equity provided by affiliates of financial sponsor Carlyle Group and others to purchase the equity of Dealogic, refinance existing debt and pay transaction related fees and expenses.

Moody’s said the B1 corporate family rating reflects its expectations for debt to EBITDA to decline toward 5 times in the next 12 to 18 months. Dealogic's revenue size, which the agency expects to be about $160 million in 2015, is small and its business scope is narrow. Dealogic's subscription revenue stream for its databases and tools, and its long-term, albeit concentrated, customers, provide high barriers to potential competitors.

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