Moody's affirms B3 rating of Lexmark's sr secured notes; notes remain pari passu with credit facilities
Global Credit Research - 11 Apr 2018
New York, April 11, 2018 -- Moody's Investors Service ("Moody's") affirmed the B3 rating of Lexmark International, Inc.'s ("Lexmark") senior secured notes and the B3 corporate family rating. Effective April 2, 2018, the company completed a security agreement with its lenders and the senior notes now share the benefit of a 1st lien on an equal and ratable basis with the credit facilities. Prior to April 2, the notes and credit facilities were unsecured by the assets of Lexmark. The rating on these notes is unchanged as they remain pari passu with the credit facilities. The rating outlook remains negative.