Moody’s cuts Ancestry.com facility

Moody's Investors Service said it affirmed Ancestry.com Inc.'s corporate family rating at B2, probability of default rating at B2-PD and speculative grade liquidity rating at SGL-2, and downgraded the senior secured first-lien credit facility to B2 from B1.

The outlook remains stable.

Ancestry.com announced it plans to repay in full its senior secured second-lien term loan due 2024 with the net proceeds from an upsize of its senior secured first-lien term loan due 2023 and cash from its balance sheet. The ratings on the second-lien term loan will be withdrawn when repaid.

Moody’s said the downgrade of the first-lien debt to B2 from B1 reflects the elimination of first-loss support from the repayment of the second-lien debt.

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