Moody’s assigns B2 to MCS CFR, facilities

Moody's Investors Service said it assigned ASP MCS Acquisition Corp. (formerly MCS Group Subholdings, LLC) a B2 corporate family rating and a B2-PD probability of default rating.

The agency also assigned a B2 rating to MCS' proposed senior secured first-lien credit facilities.

The outlook is stable.

Proceeds from the $390 million senior secured first-lien term loan due 2024 and cash equity from affiliates of financial sponsor American Securities LLC will be used to fund the purchase of the company and pay associated fees and expenses. Moody's said it will withdraw all existing ratings at the predecessor entity MCS Group Subholdings, LLC when the debts are repaid.

Moody’s said the B2 corporate family rating reflects MCS' high debt to EBITDA expected to decline to below 5 times over the next 12 to 18 months, concentrated customer base and exposure to decreasing rates of U.S. mortgage loan delinquencies.

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