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Moody’s lifts MMM, debt to B3
Moody's Investors Service said it upgraded MMM Holdings, LLC's senior secured debt rating and corporate family rating to B3 from Caa1.
The insurance financial strength rating of MMM's regulated insurance subsidiary, MMM Healthcare, LLC (MMM Healthcare), was affirmed at Ba3.
The upgrade and affirmation follow the announcement of an amendment and waiver agreement entered into by MMM and the lenders under the credit facility on Nov. 24.
The outlooks were changed from negative to stable.
Moody's said the actions reflect the terms of the amendment, which waive: (a) All existing covenant and payment defaults on the existing credit facility; and (b) mandatory amortization payments required under the credit facility through March 2017. The waiver of the required principal payments (about $11 million per quarter) will enable MMM Healthcare to exceed the regulatory required NAIC risk-based capital ratio of 200% of authorized control level at the end of 2015.
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