Moody’s gives WEC loans B1

Moody's Investors Service said it assigned B1 ratings to WEC US Holdings Ltd.'s (Westinghouse) planned credit facilities including the new backed senior secured first-lien revolving credit facility and the new backed senior secured first-lien term loan.

Westinghouse's B1 corporate family rating, B1-PD probability of default rating and B1 senior secured ratings are unchanged, the agency said.

“With the proposed transaction, Westinghouse is refinancing its entire capital structure and pushing out the maturities. The company's existing term loans (the backed senior secured incremental first-lien term loan), backed senior secured first-lien revolving bank credit facility and ABL facility (unrated) will be replaced by a new senior secured first-lien term loan, a new revolving credit facility (upsized by $75 million), and a new ABL facility. The refinancing is expected to be leverage neutral,” Moody’s said in a press release.

The outlook is stable.

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