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IRB Holding Corporation -- Moody's places the ratings of IRB Holdings on review for downgrade; CFR at B2

Moody's Investors Service, ("Moody's") today placed all ratings of IRB Holding Corporation ("IRB") on review for downgrade including its B2 Corporate Family Rating (CFR), B2-PD Probability of Default Rating (PDR), B1 senior secured bank credit facility ratings and Caa1 senior unsecured note rating. The review for downgrade was prompted by IRB's recent announcement that it had signed a definitive agreement to acquire Sonic Corp. (Sonic) for approximately $2.3 billion in cash or just over 14 times Sonics 2017 unadjusted EBITDA and fund the acquisition with a combination of existing cash, incremental debt and cash common equity.