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Moody's Investors Service ("Moody's") today affirmed IRB Holding Corporation's ("IRB") B3 Corporate Family Rating (CFR), B3-PD Probability of Default Rating (PDR), B3 senior secured bank facility rating and Caa3 senior unsecured notes ratings. In addition, Moody's assigned a B3 rating to IRB's proposed $500 million secured note offering.
Moody's Investors Service ("Moody's") today downgraded IRB Holding Corporation's ("IRB") Corporate Family Rating (CFR) to B3 from B2, Probability of Default Rating (PDR) to B3-PD from B2-PD, senior secured bank facility to B3 from B2 and senior unsecured notes to Caa3 from Caa2. The outlook is negative.
Moody's Investors Service ("Moody's") today affirmed IRB Holding Corporation's ("IRB") B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR). In addition, Moody's affirmed IRB's B2 senior secured bank ratings and Caa2 senior unsecured notes rating. Inspire Brands, Inc. ("Inspire") (parent holding company of IRB) recently announced it is acquiring Jimmy John's LLC (Jimmy John's).
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of IRB Holding Corporation and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.