Moody’s gives Conservice loans B3

Moody’s Investors Service said it gave a B3 rating to Conservice Midco, LLC's new backed first-lien senior secured revolving credit facility and backed first-lien senior secured term loan and withdrew the B2 ratings on the existing backed first-lien senior secured revolving credit facility and backed first-lien senior secured term loan.

The agency concurrently affirmed Conservice’s B3 corporate family rating and its B3-PD probability of default rating.

“The instrument ratings reflect the probability of default of the company, as reflected in the B3-PD probability of default rating, an average expected family recovery rate of 50% at default given the mix of first and second lien debt in the capital structure, and the particular instruments' ranking in the capital structure. We rate the first-lien senior secured credit facilities B3 (LGD3), in line with the CFR, given their priority ranking ahead of only a modest amount of second-lien debt,” Moody’s said in a press release.

The outlook remains stable.

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