![]() ![]() "Another significant debt financed acquisition or dividend could result in ratings pressure," added Doyle.The following ratings are affected by today's action:Affirmations.Issuer: White Cap Supply Holdings, LLC. A good liquidity profile further supports stabilization of White Cap's ratings."White Cap must execute on its growth strategy while integrating Ram Tool, contending with intense competition and a highly leveraged capital structure," said Peter Doyle, Vice President at Moody's. (Ram Tool), acquired on December 1, 2021, without impacting operations, generate revenue growth and modestly improve profitability, which would improve key credit metrics. The outlook is changed to stable from negative.The affirmation of White Cap's B2 CFR and change in outlook to stable from negative reflects Moody's expectation that White Cap will integrate Ram Tool Construction Supply Co. Moody's also affirmed the B2 rating on the company's senior secured bank credit facility, comprising a revolving credit facility and term loan, the Caa1 rating on the senior unsecured notes due 2028 and the Caa1 rating on the senior unsecured PIK notes to 2026 issued by White Cap Parent, LLC, parent holding company of White Cap Supply Holdings, LLC (collectively White Cap). Rating Action: Moody's affirms White Cap's B2 CFR outlook stableGlobal Credit Research - Approximately $3.3 billion of rated debt affectedNew York, Janu- Moody's Investors Service (Moody's) affirmed White Cap Supply Holdings, LLC's B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating.
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