Moody’s rates Alterra loan B1

Moody’s Investors Service said it assigned a B1 rating to Alterra Mountain Co.’s proposed $400 million incremental senior secured first-lien term loan due 2026.

Proceeds will be used to repay revolver borrowings and for general corporate purposes.

The agency also affirmed the B1 ratings on Alterra and its $450 million revolver and $1.73 billion first-lien term loan due 2024.

Moody’s changed the outlook to negative from stable.

“The change to a negative outlook reflects the potential that some resorts will remain closed by the start of the 2020-2021 ski season in November 2020, or will subsequently close operations, which will hinder the company's ability to significantly improve its credit metrics,” Moody’s said in a press release.

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