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The Dun & Bradstreet Corporation (New) -- Moody's says Dun & Bradstreet's ratings are unchanged following shift in capital structure, covenants, and interest rates

Moody's Investors Service ("Moody's") says that The Dun & Bradstreet Corporation (New)'s ("Dun & Bradstreet" or "The Company") B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), B2 Senior Secured Bank Credit Facility rating, B2 Senior Secured Notes rating, and Caa2 Senior Unsecured rating are all unchanged after the shift of the Company capital structure. Dun & Bradstreet's $2.630 billion Senior Secured 1st Lien Term Loan was downsized by $100 million (to $2.530 billion), as was the $850 million of Senior Unsecured Notes (to $750 million), while the $500 million Senior Secured Notes were upsized by $200 million (to $700 million). The tightening of the covenants and higher borrowing costs will compress liquidity further, and reduce the pace of delevering with less free cash flow than under the previous capital structure.