|Expense Ratio (net)||1.05%|
|Last Cap Gain||0.00|
|Morningstar Risk Rating||Above Average|
|Beta (3Y Monthly)||1.08|
|5y Average Return||N/A|
|Average for Category||N/A|
|Inception Date||Jul 1, 2002|
Rating Action: Moody's rates Allied Universal's new capital structure; changes outlook to stable; affirms B3 CFR. Global Credit Research- 13 Jun 2019. Approximately $5.12 billion of new debt rated.
Moody's Investors Service ("Moody's") said Engineered Machinery Holdings, Inc.'s ( "Duravant") proposed $160 million first lien term loan add-on due 2025, which will be used to partially fund the acquisition of Wulftec International Inc. (Wulftec), is credit negative but does not impact the Duravant's ratings, including its B3 Corporate Family Rating, B3-PD Probability of Default, B2 Senior Secured First Lien Term Loan rating, Caa2 Senior Secured Second Lien Term Loan, or stable outlook. Moody's views Duravant's acquisition of Wulftec as credit negative because it increases debt at the time when leverage is already weaker than originally expected at the time of the LBO due to the acquisition of Key Technology, Inc. ("Key Technology") earlier in 2018 and weaker than expected EBITDA as a result of organic declines in the performance of its core business.
Moody's Investors Service ("Moody's") assigned B2 ratings to Allied Universal Holdco LLC's ("Allied Universal") proposed $800 million senior secured first lien term loan and $400 million revolving credit facility. At the same time, Moody's affirmed Allied Universal's B3 Corporate Family Rating ("CFR") B3-PD Probability of Default Rating ("PDR"). Proceeds from the proposed $800 million senior secured first lien term loan will be used to fund the acquisition of U.S. Security Associates ("U.S. Security"), along with $210 million of senior secured second lien notes (unrated) and $200 million of new cash equity.
Moody's Investors Service ("Moody's") today stated that the 16 July 2018 announced acquisition of U.S. Security Associates Holdings, Inc. (B3 stable) by Allied Universal Holdco, LLC (B3 negative) is a credit negative as it will likely result in continued high integration costs which will constrain cash flow generation at Allied Universal.