Moody’s ups Cast & Crew, rates facility B2

Moody's Investors Service said it upgraded Cast & Crew Payroll, LLC’s corporate family rating to B2 from B3 and probability of default rating to B2-PD from B3-PD.

The agency also assigned a B2 rating to the company's proposed senior secured first-lien credit facility, comprised of a $495 million term loan and an undrawn $70 million revolver.

The outlook is stable.

Moody’s said the action follows the company's recent announcement that it plans to refinance its existing debt structure, thereby transitioning to a single class of secured debt. Upon completion of the bank debt refinancing, the ratings on the company's presently outstanding debt will be withdrawn.

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