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Emerald TopCo, Inc. -- Moody's assigns B3 to Emerald TopCo, Inc., outlook stable

Moody's Investors Service ("Moody's") assigned a B3 Corporate Family Rating (CFR) and B3-PD Probability of Default Rating to Emerald TopCo, Inc. (dba Press Ganey). Concurrently, Moody's assigned a B2 rating to the company's proposed $250 million senior secured first lien revolving credit facility and $1.25 billion senior secured first lien term loan. The B2 rating on the first lien debt reflects their priority position relative to second-lien debt of $453 million (unrated) in the capital structure.