Moody’s trims First Eagle, loans

Moody's Investors Service said it downgraded First Eagle Holdings, Inc.'s corporate family rating and its senior secured bank loan ratings to Ba2 from Ba1.

The agency said the action follows the company's announcement of its financing package for its recent acquisition on THL Credit Advisors LLC.

First Eagle will issue $300 million in debt as an add-on to its outstanding term loan to finance the transaction.

The outlook remains stable.

“The downgrade reflects the leverage impact from the THL acquisition and our view that the company may struggle to organically de-lever from a now higher leverage level due to weakness in its core value active equity business,” the agency said in a news release.

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