Moody’s ups Barrette loan rating to B2

Moody’s Investors Service said it upgraded LEB Holdings (USA), Inc.’s (Barrette Outdoor Living) senior secured first-lien term loan to B2 from B3. The agency also affirmed the B2 corporate family rating and B2-PD probability of default rating.

The upgrade follows the company’s announced $125 million add-on to its senior secured first-lien term loan and reflects improved recovery for that class of debt given that it now comprises a higher share of the overall capital structure,” the agency said in a press release.

The proceeds will be used for general corporate purposes, including future acquisitions.

The outlook remains stable.

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