Moody’s rates Aptos revolver Ba3, view stable

Moody's Investors Service said it affirmed Aptos, Inc.'s B3 corporate family rating and revised the outlook to stable from positive.

Concurrently, the agency affirmed the B3-PD probability of default rating and the B3 on its $225 million first-lien term loan.

Moody's also assigned a Ba3 rating to the company's $15 million super priority revolving credit facility.

Moody’s said the outlook change reflects Aptos' weaker than expected operating performance and the agency’s expectations of slower deleveraging over the next 12 to 18 months.

Moody's expects Aptos to generate modest free cash flow over the next 12 months and prioritize its cash flows towards potential tuck-in acquisitions, which will inhibit the company's ability to materially reduce its high leverage to below 5.5 times.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.