For the time being, it rates it as neutral.
However, Moody’s analyst Carl Salas says that there could be downward pressure on the company’s Ba3 unsecured notes rating if it moves in a certain direction.
That direction would be toward an increased commitment to unsecured debt rather than unsecured notes. And it could possibly result in a downgrade.
The maturity moved forward three and a half years, from December 2017 to June 2020.
The revolver increase amounted to $500K, going from $1.25B to $1.75B. It is to be used for general corporate purposes, possibly including share repurchases, dividends and acquisitions.