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Packers Holdings, LLC -- Moody's affirms Packers Holdings' B3 CFR following dividend recap; outlook stable

Concurrently, Moody's has affirmed the upsized B2 senior secured first-lien bank credit facilities ratings. "Moody's views PSSI financial policy as aggressive, with high financial leverage of approximately 7.3 times (from 6.5 times) following the dividend recap, however the rating affirmation is supported by expectation of deleveraging through EBITDA growth," said Moody's analyst, Vladimir Ronin.