Moody’s Investors Service assigned Ducommun’s $200 million senior secured first lien revolving credit facility and $275 million first lien term loan due 2020 a B1 rating.

Concurrently, Moody’s affirmed the company’s B1 Corporate Family Rating (CFR) and SGL-2 Speculative Grade Liquidity (“SGL”) rating. Due to the now all-first lien bank debt structure, the Probability of Default Rating was downgraded to B2-PD from B1-PD. The B3 rating on the company’s $200 million notes due 2018 is withdrawn due to repayment as a result of the aforementioned transaction. The ratings outlook is stable.

Moody’s said proceeds from the $275 million term loan as well as drawings under the revolver and balance sheet cash were used to refinance the company’s prior debt structure.

Access the full Moody’s report here.