Moody’s reassigns Misys ratings to Finastra

Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to Tahoe Subco 1 Ltd. (Finastra), the top guarantor in the new restricted group.

The outlook is stable.

Concurrently, the agency withdrew Misys Newco 2 Sarl's B3 corporate family rating and B3-PD probability of default rating, which carried a stable outlook. These actions follow the completion of Misys' acquisition of D+H Corp. (unrated) in June 2017 and the renaming of the combined entity as Finastra.

Concurrently, Moody's assigned B2 ratings to the $4.5 billion equivalent senior secured first-lien term loans and $400 million pari passu ranking revolving credit facility, and a Caa2 rating to the $1.245 billion senior secured second-lien term loan.

The agency also withdrew Magic Newco LLC's B1 ratings on its senior secured first-lien credit facilities and Caa1 rating on its senior unsecured second-lien credit facility following their repayment.

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