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Moody's assigns Baa3 to Aecom term loan B
Moody's Investors Service said it assigned a Baa3 rating to Aecom’s proposed senior secured term loan B.
The company plans to use the term loan proceeds to redeem a portion of its 5 7/8% senior notes due 2024 and to pay premiums and expenses.
Aecom’s Ba2 corporate family rating, Ba2-PD probability of default rating, Baa3 rating on its existing secured credit facilities, Ba3 rating on its unsecured notes, its stable outlook and its speculative grade liquidity rating of SGL-2 remain unchanged.
“Aecom’s Ba2 corporate family rating reflects its large scale and solid position across diverse end markets as one of the largest and most diversified engineering, design, planning and construction management companies in North America,” Moody’s said in a news release.
The company’s rating is also supported by its moderate leverage, consistent free cash flow and strong project backlog.
“Aecom’s rating also reflects its relatively low level of funds from operations as a percent of outstanding debt and its plan to use all of its free cash flow to repurchase stock,” Moody’s added in the news release.
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